Australian men experiencing financial stress are at a 53% increased risk of developing mental health conditions and a 29% increased risk of developing multiple long-term physical health conditions, according to new research from the Australian Institute of Family Studies (AIFS).
The study also found a strong association between earlier mental health conditions and the development of socio-economic disadvantage. Men with moderate to severe depression were 78% more likely to later experience financial stress and had a 230% higher risk of low social support. They were also 44% more likely to experience discrimination than men without mental health conditions.
The study draws on data from Ten to Men, the largest longitudinal study on male health in the world, managed by AIFS and funded by the Department of Health, Disability and Ageing. The study followed more than 13,000 men, of which 4,000 were without any long-term health issues at the beginning of the nine-year period, starting in 2013-14 with men aged 18-55 years.
AIFS Research Fellow, Dr Mulu Woldegiorgis, said the findings build on the long-held understanding that disadvantage leads to poor health, showing a reciprocal relationship where poor health can also drive financial hardship.
"Previous research suggests that a person's economic and social factors have a far greater effect on health, than health has on these factors - however, our study shows a strong effect in both directions," Dr Woldegiorgis said.
"While we found that, for example, men facing financial stress or poor job quality are more likely to develop long-term health conditions - we also found men diagnosed with 3 or more long-term physical health conditions had a 70% higher risk of experiencing financial stress compared to men who had never been diagnosed with these conditions."
AIFS Director Liz Neville said the research highlights the need for integrated health and social policies that address both the causes and consequences of poor health.
"We know there is a significant wealth gap in this country that is impacting priority populations - and now we have data that clearly shows how financial stress is impacting men's physical and mental health, and vice versa," Liz Neville said.
"This isn't just about the health and financial impacts on individual men - it's about the broader implications for our economy and social cohesion. These issues deserve our attention not only because they affect individuals, but because they also have consequences for partners, families, workplaces and communities."
Each year, around 132,000 men are diagnosed with multiple long-term health conditions, with high blood pressure being the most common physical condition and depression the leading mental health diagnosis. Rates are even higher among men living with disabilities or those who are overweight.
The study highlights the serious health impacts of social exclusion with men living in disadvantaged communities or lacking support networks particularly vulnerable. These factors not only predict poorer health outcomes but also limit recovery and reduce opportunity for improved financial and social circumstances.
Discrimination alone was found to increase the risk of developing multiple long-term physical health conditions by 28%, emphasising the health consequences of exclusion and isolation. Conversely, strong social support was shown to be protective - men with consistent support networks and those who felt they had more control at work were less likely to experience mental health issues - with risks reduced by 34% and 13% respectively.
Ten to Men has been tracking more than 16,000 boys and men since 2013 (with an additional 10,000 men added in 2024-25), asking them about significant issues such as health service usage, mental health, social connection, family safety, fathering supports, and risky health behaviours.
