Cost of living and financial hardship pose the greatest threat to the suicide rate in Australia.

More than one-third of Australians know someone who has committed or attempted suicide within the past year, according to disturbing new research.

Suicide Prevention Australia revealed that 38% of the 1,022 persons polled were either indirectly or directly affected by suicide throughout the time.

In the past year, one in five adults indicated suicide tendencies, and seventy percent reported experiencing increased distress.

Cost of living and personal debt were the most prevalent pressures mentioned by Australians, but housing-related misery was the fastest-growing issue, according to additional study conducted by the national suicide prevention authority.

Nieves Murray, the chief executive officer of Suicide Prevention Australia, stated that the most significant threat to the nation's mental health and suicide rates was financial problems, as evidenced by the rapid increase in housing stress among "middle-aged and middle-income" Australians, and by the fact that financial problems posed the greatest threat to the nation's mental health.

Mr. Murray stated, "Our findings once again demonstrate the clear connection between the impact of rising economic and social pressures and community misery."

"According to research, suicide rates might reach a peak two to three years after a catastrophe. We must act immediately to address rising distress rates and the risk of rising suicide rates in our society."

Mr. Murray stated that demand for 88 percent of the nation's frontline suicide prevention services has increased over the past year.

Multiple prominent mental health support organizations shared these worries.

Beyond Blue's chief clinical consultant, Dr. Grant Blahki, stated that a recent survey of 15,000 Australians by the mental health support organization discovered a similar correlation between deteriorating mental health and financial stress.

"What we found was that rising cost of living rates and high interest rates contributed to a feeling of disconnection and stress," Dr. Blakki explained.

"Even though people aren't as concerned about Covid as they once were, there is a sense of fatigue. There has been a cascade of problems, including the pandemic, disasters, and financial concerns.

Dr. Blahki stated that those with financial stress were twice as likely to have mental health problems, but those with mental health problems were also twice as likely to experience financial hardship.

"This is what I observe as a general practitioner; if you have a lot of money issues and stress, it's not good for your mental health; people can't sleep, they feel horrible about things," he added.