Retirement is often portrayed as a time of relief, yet for many Australian men, it brings anxiety rather than peace. Rising living costs, debt, and uncertainty around superannuation and how long savings will last can lead to financial stress. That stress doesn’t stay “just financial” — it spills over into health, relationships, and mental wellbeing. But financial planning isn’t just about numbers; done well, it provides clarity, control, and confidence.
This article examines recent findings about men’s financial stress, discusses why professional advice is important (including mental health expert views), and outlines how financial planners help with budgeting, debt management, and long-term wealth creation.
Recent Survey Findings: Financial Stress Among Australian Men
Here are key findings from recent research that help illustrate the scale and consequences of financial stress for Australian men approaching and in retirement:
Survey / Report | Key Findings for Men or Pre-Retirees | Consequences / Stress Indicators |
State Street Global Advisors, “2025 Global Retirement Reality Report: Australia Snapshot” | Retirement confidence among Australians rose somewhat from 2023 to 2025; about 32-33% of respondents are confident they can retire when planned. Among top concerns: inflation and cost of living (~49% list it among their top three), and the economy (~40%). (SSGA) | Many feel uncertain; less than 10% sought financial advice in the past six months. Fear that savings may not be enough. (SSGA) |
Challenger Retirement Happiness Index, 2025 | Among Australians aged 60+ & pre-retirees: pre-retirees are more anxious about having enough money to last through retirement. 76% of pre-retirees say cost-of-living pressures have shaken their confidence. (challenger.com.au) | Lower “retirement happiness” scores; reduced confidence in financial future; worries about outliving savings. (challenger.com.au) |
AustralianSuper “Retirement Confidence Study” (2024) | Survey of over 5,000 Australians: only ~46% are confident they will live well in retirement. Those who pay off bills regularly, and who save consistently (even small amounts), are much more likely to feel confident than those who don’t. (australiansuper.com) | The gap between those who manage regular expenses / savings vs those who do not produces marked differences in retirement confidence. (australiansuper.com) |
“Understanding the Effect of Financial Behaviour on Mental Health in Australia” (Ambaw et al., 2025) | Stable saving behaviour shows a stronger correlation with better mental health among men than among women. (PMC) | Financial behaviour (e.g. savings, managing debt) links closely to psychological wellbeing; poor financial practices can exacerbate or contribute to mental health issues. (PMC) |
From these, we see: many men are anxious about whether their savings will do enough, cost-of-living is a major threat to confidence, regular debt or failure to manage bills undermines sense of control, and that financial behaviour is tied to mental health.
Why Financial Stress Affects Health, Relationships, Mental Wellbeing
Financial stress is more than worries about money. Several studies show clear connections:
- The Ambaw et al. (2025) study establishes that among Australian men, stable savings behaviour is associated with better mental health, controlling for other factors. Lack of saving (or irregular saving) is linked with higher levels of distress. (PMC)
- Ten to Men, Australia’s longitudinal men’s health study, reports high prevalence of mental health issues among men: ~25% have had a diagnosed mental health disorder in their lifetime; ~15% experience a current disorder in the past 12 months. Many men with symptoms do not access services. (aifs.gov.au)
- The Challenger Retirement Happiness Index shows that financial insecurity (especially among those without advice) correlates with reduced happiness in retirement, poorer mental health, anxiety about outliving savings, often with social isolation. (AdviserVoice)
- Social connectedness is weakened when financial security is lacking: retirees with more financial security have more social contact, which in turn strongly predicts both mental and physical health. (BioMed Central)
In relationships, money worries often lead to conflict, secrecy, shame, reduced openness, strain on communication. Health‐wise, financial worry is associated with anxiety, depression, sleep loss, hypertension. Men may be less likely to seek help for financial worries or mental health issues, increasing risks.
A mental health expert (for example, clinical psychologists involved in Ten to Men or in public health settings) would emphasise that a sense of control, predictability, and planning are psychological buffers. The more unpredictable the financial future feels, the greater the anxiety and risk of poor mental health outcomes. Having a plan, clarity over debts, and realistic goals can reduce the sense of helplessness that underlies a lot of worry.
The Role of Professional Financial Advice
Professional financial advice can make a big difference for men anxious about retirement. Here are ways in which seeking advice helps:
- Clarity and realism: An adviser helps you understand where you really stand—assets, liabilities, expected retirement income (including super), and what lifestyle in retirement will cost.
- Goal-setting: Rather than vague hopes (“I want to retire comfortably”), advice can help set concrete goals: target nest-egg, date of retirement, risk tolerance, income needs, non-financial priorities (travel, health care, family, hobbies).
- Behavioural support: Planners help maintain discipline (saving regularly, adjustment as costs change), identify areas where small improvements yield benefit, help in budgeting and debt reduction. They also help avoid costly mistakes (e.g. over-risky investments, procrastination).
- Stress reduction: By turning uncertainty into a strategy, advisers help reduce psychological burden. Knowing there is a plan, including “what if” scenarios (inflation, health shocks), can relieve anxiety.
- Mental health linkage: Financial advisors don’t replace therapists or psychologists, but many advisers are aware of the links between financial stress and mental wellbeing. Some will integrate or refer to mental health professionals if needed. Also, knowing finances are more secure often improves self-esteem, reduces shame, helps relationships.
- Tailored advice: Because each person’s situation is different (age, debt, family, health, desired retirement lifestyle), professional advice can tailor plans—unlike generic advice which often fails to account for individual vulnerabilities.
Practical Ways Financial Planning Helps: Budgeting, Debt Management, Wealth Creation
Below are three core areas where financial planners can deliver concrete, measurable help. Each area reduces stress and improves chances for a better retirement.
Area | How a Financial Planner Helps | Actions & Outcomes |
Budgeting & cash‐flow management | • Review all income sources (salary, side income, investments, super) and all expenses (fixed and variable). • Create a realistic budget aligned with retirement goals and lifestyle plans. • Stress test the budget: what happens if inflation is higher, or unexpected expenses occur (health, housing). • Prioritise savings (regular, automatic) so saving becomes part of cash flow. | Men who pay off debts and bills regularly are much more likely to feel confident about retirement (AustralianSuper study: ~50% confidence among those who do vs ~18% among those who don’t). (australiansuper.com) Clear budget means fewer surprise shortfalls, less anxiety, better relational communication (less conflict over money). |
Debt management | • Inventory of all debts: mortgage, credit cards, personal loans, other obligations. • Prioritisation (highest interest, or those that threaten other financial goals). • Structuring repayments to reduce interest costs. • Seeking consolidation or refinancing if better rates available (but being careful about longer terms). • Avoiding “bad debt” (luxury or discretionary debt) once retirement horizon is near. | Lower interest burdens free up cash for savings or unexpected costs. As debt decreases, psychological burden generally reduces. Having a clear debt‐elimination plan tends to improve mental health and relationship strain. Also improves credit profiles, reduces risk of getting stuck late in life with large liabilities. |
Wealth creation & retirement income | • Maximise superannuation contributions (including concessional and non-concessional) where possible. • Investment strategy that considers diversification, risk tolerance, time horizon. • Explore income streams for retirement (annuities, pensions, investments). • Plan for taxes, fees, and charges to reduce erosion of savings. • Adjust portfolios over time (glide path, reducing risk as retirement approaches). • Review regular expenses post‐retirement and plan for cost of living and health cost increases. | Secure, sustainable income in retirement reduces worry about outliving savings. A well-constructed portfolio and super savings plan increase likelihood of reaching necessary nest-egg. Helps meet standard targets: for example, the Association of Superannuation Funds of Australia (ASFA) Retirement Standard (for comfortable living) gives benchmarks (e.g. ~$690,000 for couples, $595,000 for singles, at age ~67) to aim for. (The Australian) Better wealth creation translates into more confident retirement, less regret about missed opportunities, less dependency. |
Barriers, Realities, and What Men Often Overlook
Financial planning is powerful, but there are common hurdles Australian men often underestimate.
- Procrastination or avoidance: It’s easy to delay reviewing super, checking balances, or confronting debt. But delay often increases stress later.
- Underestimating costs: Health expenses, housing, inflation, especially in retirement, often rise faster than expected.
- Overconfidence in investment returns: Some assume super and investments will perform above long-term averages, without allowing for market downturns.
- Lack of advice: Many men don’t seek advice, sometimes because of perceived cost, shame, or belief they “should do it themselves.” But the data shows unadvised persons are more worried and less confident. (See State Street Snapshot; Challenger Happiness Index). (SSGA)
- Mental health stigma: Financial stress can cause relapse into anxiety or depression, yet many men don’t seek help. Shame or belief that talking about money is a sign of weakness may block both financial advice and psychological help. Ten to Men data confirms many men with depressive symptoms do not access services. (aifs.gov.au)
Mental Health Expert Insights
To illuminate how financial planning intersects with wellbeing, here are insights drawn from mental health experts / research:
- Sense of control and predictability: Psychologists often emphasise that unpredictability is a major driver of anxiety and depressive symptoms. A financial plan, by clarifying what is known (e.g. current super, debt, expected expenses) and what is controllable, reduces uncertainty.
- Goal-setting as psychological tool: Setting achievable financial goals (short-term and long-term) helps maintain hope and motivation. Achieving smaller goals (reducing a debt, increasing savings) boosts self-efficacy.
- Behavioural choices matter: Experts note that behaviour (e.g. regular saving, avoiding overcommitment) often has more immediate effects on stress than major financial gains. Some may seek financial therapy or counselling to address beliefs about money (shame, fear, comparison).
- Social and relational factors: Money worries often strain relationships. Sharing financial planning, being transparent and having joint plans (if partnered) can reduce conflict and isolation. Social support is a strong buffer against stress.
- Health consequences of prolonged stress: Ongoing financial worry increases risk of mental illness, sleep problems, cardiovascular risk. Some of these are mediated by lifestyle (poor sleep, poor diet, reduced physical activity) when stress is high.
What Practical Steps Men Can Take Now
Here are steps any man concerned about retirement can adopt (many achievable without huge cost), ideally alongside seeking professional advice:
- Assess your current position
- Write down all assets (super balances, investment accounts, property, savings).
- List all debts (including mortgages, credit cards, personal loans).
- Estimate expenses (current living, anticipated in retirement).
- Establish a realistic budget
- Identify non-essential expenses that might be reduced.
- Automate savings: regular contribution to super, or a savings account.
- Build emergency buffer to reduce anxiety about unexpected costs.
- Set short- and long-term goals
- Short-term: pay off a high interest debt, clear credit card balance, reduce monthly bills.
- Long-term: target nest-egg, aim for retirement age, plan for healthcare, consider housing in retirement.
- Seek professional advice
- A qualified financial planner (especially one with credentials like CFP) can help map a customised plan.
- Ask for advice on tax, investment risk, strategy across super + non-super accounts, fees.
- If finances are impacting mental health, talk to a psychologist or counsellor, possibly one that understands financial stress.
- Review regularly and adjust
- Life changes (employment, family, health) affect financial plans.
- Keep up with inflation, adjust assumptions.
- Rebalance investments, revisit goals.
Conclusion
For many Australian men, retirement brings more anxiety than satisfaction — worries about whether savings will last, rising living costs, existing debts, and uncertainty about future needs. The research is clear: financial stress isn’t just an economic issue. It touches mental health, physical wellbeing, relationships, and quality of life in retirement.
But there is hope. Proper financial planning—especially with professional advice—can reduce stress, build confidence, and help men set realistic, achievable retirement outcomes. Budgeting, debt management, and strategic wealth creation are powerful tools not just for accumulating assets, but for restoring a sense of control, lowering anxiety, improving health, and sustaining relationships.
If you are among those worried about retirement, or already experiencing anxiety around it, the combination of financial planning and mental health support may be exactly what you need. You don’t have to face these concerns alone, nor leave them to chance.
References
- State Street Global Advisors. 2025 Global Retirement Reality Report: Australia Snapshot. (Survey April 2025). (SSGA)
- Challenger. Retirement Happiness Index, 2025 (YouGov/Challenger) – findings on pre-retirees, cost-of-living impact. (challenger.com.au)
- AustralianSuper. Retirement Confidence Study (2024) – survey of over 5,000, findings on confidence & money-management behaviours. (australiansuper.com)
- Ambaw, D.T., et al. (2025). “Understanding the Effect of Financial Behaviour on Mental Health in Australia.” (PMC article) – stable saving behaviour and its links to male mental health. (PMC)
- Ten to Men study (Australia’s national longitudinal study of male health) – data on prevalence of mental health disorders among men, help-seeking behaviour. (aifs.gov.au)
- BMC Geriatrics: Cruwys, T., et al. (2019). “Financial security protects health in retirement by enabling social connectedness.” (BioMed Central)
- Others as noted (ASFA Retirement Standard, etc.). (The Australian)