A financial crisis is, for some people, a period characterized by a devastating loss of income, work, a secure future, and a stable family life. The effects on mental health can be devastating. But what does the evidence say about who is most at risk and how?
We are the first team to take a systematic approach A review of global research linking financial crises and psychological harm. Evidence from about 100 eligible studies (out of about 7,000 we reviewed) shows that these crises have consistent long-term effects on the well-being of entire populations of people, including increased risk of depression, anxiety, and suicide. This indicates that it is having a negative impact.
but Not everyone is affected equally. Your gender, age, occupation, and family status are all important factors in determining how vulnerable you are to the stress and deterioration of your mental health that come with financial loss and anxiety.
Across the world, unprecedented levels of mental illness are occurring in all age groups, from children to the elderly, resulting in significant costs to families, communities, and economies. This series investigates the causes of this crisis and reports on the latest research to improve people’s mental health at all stages of life.
employee People (such as farmers, tradesmen, and people in minimum wage jobs) are generally more vulnerable because they have fewer safety nets. small business owner They are especially susceptible to financial pressure and anxiety.
people at both ends of the age spectrum They also have fewer resources, which makes them more vulnerable. Other examples of high risk include: family, people with a low level of formal educationand those with them long term health.
suicide mortality rate increase Risks that will always exist during and after the financial crisis high among men.
but, woman Because they tend to take on more responsibilities at both work and home, including increased emotional labor supporting others who are having financial difficulties, they are generally more likely to suffer from poor mental health during a financial crisis. The risk of worsening is high.
Prejudice, stress, and social roles
Our research highlights three major challenges to the mental health of people affected by the financial crisis. Understanding how to deal with them could help increase people’s psychological resilience in the face of future financial downturns. Here are some recommendations based on both research findings and a combination of research knowledge and expertise in health psychology.
1. Social prejudice and support
Stigma against mental illness is decreasing in many societies. Feeling more comfortable talking about our health. However, it’s less clear whether it’s okay to talk about finances. During times of economic uncertainty, it is especially important to encourage people to be more open about their financial hardships with trusted friends, family, and partners without judgment.
higher levels of trust in others It provides a new defense against psychological distress during financial crises. Reducing the stigma of discussing mental health and suicide can help alleviate some of the most devastating consequences. Research shows that when we talk about suicide, save a life.
2. Stress and anxiety due to loss of resources
Even if you feel secure in your job, an economic downturn can cause you to: Increased pressure at work As a result of increased workloads and staff reductions.
If you are an employee, check whether your employer offers term insurance. employee assistance program We provide legal and financial advice and psychological support as needed.
or, join a labor union – Most provide legal advice and financial support. Practical support for managers Also Available.
When you feel your income or job security is at risk, connect in person or online with people in similar positions. parent group, it makes you feel like you’re not alone and it’s a good way to share resources.I hope you can help me too local council.
3. Challenges to identity, social roles, and meaning
It’s natural for a person’s sense of self to suffer when they lose a job or income. But identity and meaning can be found in many aspects of life, not just work.
Be careful not to think of yourself as “the only thing”, whether you’re the breadwinner or the caregiver. This can create a feeling of vulnerability.We are striving to find greater meaning Through family, hobbies, organizations, and community activities.
And we all need to understand that women are not solely responsible. emotional caregiver In family and other care settings, it is a perception that can undermine one’s sense of identity. Housework/Childcare It should always be distributed as evenly as possible, but especially during times of crisis when people are under high stress.
Mark Benedict Barry, via Wikimedia Commons, CCBY
save lives and the economy
Declining mental health should not be seen as an inevitable cost of the financial crisis. This is both economically and morally wrong. By supporting the happiness of the people, save billions of dollars for the struggling economy By reducing illnesses and disabilities associated with mental illness and ensuring the continuation of optimal work practices.
Our review highlights that the structure of society influences the impact of financial crises on the mental health of the population. For example, it is perhaps not surprising that countries with particularly strong welfare systems, such as Iceland, reported that: Minimal or no increase in suicide rates after the financial crisis.
At the national level, Comprehensive welfare benefits, accessible medical services and progressive attitude towards mental health It has been shown to reduce suicide and mental illness. On an individual basis, reaching out to others, having a supportive social network, rethinking your identity, and cultivating financial literacy may help you survive current and future crises.
No matter where you are in life, it’s a good idea to familiarize yourself with the mental health services available to you. In the UK, if you need professional help, contact your GP or NHS e-referral platform or check NHS talk therapy services.charities, organizations, etc. heart, Samaritan And that mental health foundation We also provide expert advice and specialized support.
