Financial stress managers are under increased pressure to keep up with growing demand and fears of falling funding for the sector.
Financial stress management technicians (FSMs) are the frontline professionals who deal with the stress caused by rising costs and inflation.
They have traditionally been in the front line of many healthcare decisions.
The job description requires them to keep an eye on all of the financials for a patient and assess their financial status.
But many have been under increasing pressure to maintain their financial standing and their workload has been increased to meet demand.FSMs are now required to work with a ‘financial manager’ to keep track of their finances.
It is expected that the amount of financial work that FSMs are expected to do in the next few years will be on par with that of other frontline medical workers.FSM’s at riskA financial stress manager works closely with a financial adviser and a financial advisor can also be a financial stress specialist.
“A financial manager can help the financial stress technician to be in control of their financial position and they can help them to manage their expenses, their spending,” Dr Paul O’Donnell from St Vincent’s Hospital, said.
“We need to work out a process where the financial manager will get access to their clients and their spending.”
The Financial Management Act 2015 has made FSMs the frontline healthcare professional.
Dr O’Connor said that while some people had a good grasp of the basics, they needed to be better prepared for their workload.
“You’ve got to be able to identify what’s going on in your head and what’s causing it,” he said.
A financial planFor a financial manager to help a financial specialist to manage financial stress, a financial plan needs to be prepared.
“If you have a bad day and you can’t remember how much you spent last night, that’s probably a bad financial situation,” Dr O’Donnelly said.FSMA’s have to ensure that they have a financial history of the patient and their relationship with their patients.
“So the best thing that you can do is take a look at the people that you’ve dealt with and look at them as an entity, as a group of people,” Dr Jaffe said.
Dr Jaffe advised people to consider their mental health before they make a financial decision.
“For a lot of people, the first thing that they would do is go and have a look and see if they’re in a good mental state,” she said.
“The other thing is if they don’t feel like they’re at a good level in their mental state, to go and check with their GP and ask what can be done for them.”
It’s important that the financial team understand that they’re doing the right thing, and that the client is at a great level of wellbeing, and it’s important for them to know that their financial situation is a lot better than it was before.”FSMs must be able, within their own terms, to communicate with the client.
Dr Yvonne O’Malley, a mental health specialist at St Vincent and Grenfell’s hospital, said there were many barriers to talking to clients about their finances, including being unable to provide the kind of personal detail needed.”
The biggest issue is that financial managers do not have the personal time or the professional capacity to talk about their personal finances and their finances in general,” she told ABC Radio.FS managers are also expected to make sure they are meeting their clients’ needs.”
That’s the biggest thing that we need to look at, is that is the financial information that we have for our clients,” Dr Yvonen O’Loughlin said.
The financial planThe financial manager also needs to have a plan in place to manage a client’s finances.”
I would think that they are probably very well aware of their clients needs and their needs and the risks that they take and their expectations,” Dr Wills said.
If a client is experiencing a financial crisis, the financial plan will need to be written in advance, so the manager has time to meet with them to discuss their needs, she said.”
In addition to that, the plan needs a plan to address the issues that they feel are most prevalent within their lives, including relationships with partners, financial issues and relationships with friends, she added.
The ‘financial adviser’The financial adviser is the professional that provides financial advice to the financial advisor.
“Their job is to make the financial decisions that are necessary for the individual’s financial wellbeing,” Dr Aneesh Kumar said.
He said a financial advice provider is also expected have a “professional understanding” of financial issues.
“Financial advisers do not necessarily provide financial advice but they can provide some advice about how to manage your finances, what to buy, what you should spend, how to spend it, and they are not necessarily experts on what to do if you are having a financial problem,” Dr Kumar said, adding that financial advisers would not be providing