Financial Crises Damage Peoples Mental Health Our Global Review Shows Who Is Worst Affected

Oleh Admin 23 Nov, 2023 Posting Komentar

Financial crises are periods characterized by loss of income, job, secure future and stable family life for some people. The impact on mental health can be severe. But does the data show who is at risk and in what ways?

We are the first group to systematically review international research on the relationship between financial crises and psychological effects. Data from nearly 100 relevant studies (of the 7,000 studies we reviewed) show that these crises have permanent and long-term negative effects on well-being across all sectors of society, including depression, anxiety and suicide.

But not everyone is affected in the same way. Gender, age, work and having a family are key factors that determine your risk of stress and poor mental health, as are financial loss and uncertainty.

Around the world, we are facing unprecedented levels of mental illness, taking a toll on families, communities and economies of all ages, from children to the elderly. In this series, we examine the causes of this crisis and report on new research aimed at improving the mental health of people at all stages of life.

Workers (such as farmers, artisans, and low-wage workers) are at risk because they typically have little safety net, while small business owners are particularly vulnerable and under financial stress.

People in both age groups are more vulnerable because they have fewer resources. Families, people with low levels of formal education and people with long-term health conditions are at higher risk.

Suicide mortality rates increase during and after financial crises, with men at higher risk than ever before.

However, women in general are more likely to experience mental health problems during financial hardships, as they tend to shoulder more responsibilities at work and at home, including increased emotional energy to support others who may be struggling financially.

Isolation, stress and social roles

Our research highlights three key challenges to the mental wellbeing of people struggling during the financial crisis. Understanding how to manage these issues can help increase an individual's psychological resilience in the face of future financial crises. Below are some ideas based on research findings and our combined research knowledge and experience in the field of health psychology.

1. Isolation and social support

As we become more comfortable discussing our well-being, the stigma associated with mental illness is diminishing in many communities. But we still don't know if we're comfortable talking about our finances. In times of economic uncertainty, it is important to encourage people to discuss their financial problems openly and without judgment with trusted friends, family and colleagues.

A high level of trust in others provides additional protection against psychological distress during financial crises. Reducing the stigma around discussing mental health and suicide may alleviate some of the dire consequences. Research shows that talking about suicide can save lives.

2. Stress and uncertainty due to loss of resources

Even if your job is secure, financial problems due to workload and layoffs can lead to high stress at work.

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If you're an employee, make sure your company participates in an employee assistance program that provides legal and financial advice, as well as psychological support when needed.

Alternatively, you can join a fellowship. Most of them offer legal advice and financial assistance. There is also practical support for entrepreneurs.

If you're at risk of losing income or job security, find people in similar jobs in person or online. Parent groups, for example, can help you feel less alone and are a great way to share resources. You should also get help from your local government.

3. Challenges of identity, roles and social meaning

Losing a job or income can understandably take a toll on your self-esteem. But identity and meaning can be found in many areas of life, not just work.

Be careful not to see yourself as "something," either as a breadwinner or a caregiver, as this can lead to feelings of vulnerability. Strive for greater meaning through family, hobbies, organizations, and community service.

And we all need to recognize that it is not women's responsibility to be emotional caregivers in families and other caregiving situations. Perceptions that can harm their sense of identity. Housework and child care should be done equally at all times, especially during times of high stress and crisis.

Saving lives and the economy

Declining mental health should not be seen as an inevitable consequence of the financial crisis. It is bad both economically and morally. Supporting national security can save a struggling economy billions of dollars by reducing mental illness and disability and ensuring good work practices.

Our report shows that the structure of society influences the impact of the financial crisis on the mental health of its residents. Countries with strong social protection systems, such as Iceland, have seen little or no increase in suicide rates since the financial crisis.

At the national level, strong social protection, easily accessible health services and an attitude towards mental health reduce the rates of suicide and mental illness. Connecting with others on an individual level, having a supportive social network, rethinking who we are, and developing our financial knowledge can help us deal with current and future crises.

No matter what stage you're at in life, it's a good idea to familiarize yourself with the mental health services available. If you need professional help in the UK, talk to your doctor, use the NHS online referral platform or visit the NHS Talk therapy service. Charities such as Mind, Samaritans and the Mental Health Foundation offer professional advice and professional support.