The lack of economic resources has a direct impact on people’s health, among other things, because they cannot purchase healthy foods that are more expensive. When a financial crisis occurs, many people are affected and the situation can be prolonged, so this loss of income can also have a very negative effect on mental health.
Now, Ben Gibson of Montfort University, Jekaterina Schneider of the University of the West of England and Mark Forshaw of Edge Hill University (United Kingdom), have carried out a review of 100 studies (selected from almost 700) that linked financial crises and the damage they caused to mental health. Analysis has revealed that these crises have significant long-term negative effects on the well-being of groups of people, including increases in depression, anxiety and suicide risk.
“Around the world we are seeing unprecedented levels of mental illness in all ages, from children to the very old, with enormous costs for families, communities and economies. But not everyone is affected equally. Your gender, age, job, and whether you have a family are key factors in determining vulnerability to stress and poor mental health associated with financial losses and insecurity,” the authors explained in statements to The Conversation.
The main conclusion of the work is that suicide mortality rates increase both during and after periods of financial crisis, and that this risk is always higher among men. The findings have been published in the Journal of Mental Health and highlight that manual workers, such as farmers or tradesmen, and minimum wage employees are more vulnerable because they tend to have less of a safety net, while small business owners are particularly susceptible. to financial pressures and concerns.
The youngest and the elderly are also more vulnerable because they have fewer resources, as well as those with a lower educational level and those who suffer from chronic health problems. However, it is women who are most at risk for poorer overall mental health during a financial crisis, because they tend to take on more responsibilities both at work and at home, including greater emotional exhaustion from supporting others who They may be experiencing financial difficulties.
How to increase resilience to face future financial crises
Researchers say deteriorating mental health should not be seen as an inevitable harm of financial crises and that supporting people’s well-being could save billions by reducing health problems and disability related to mental illness and ensure that people can continue working.
“Our review highlights that the way societies are structured affects the impact of financial crises on the mental health of their populations. Nationally, strong wellbeing, accessible health services and progressive attitudes towards mental health have been shown to reduce suicide and mental illness. At an individual level, reaching out to others, having social support networks, rethinking our identities and developing financial knowledge can help us all weather current and future crises,” they declare.
In addition, they offer some recommendations based on the results of their study and their experience in health psychology, such as:
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Social support. Encouraging people to talk about their financial difficulties with friends or family without judgment can help in times of trouble, as well as removing the stigma around mental health and suicide. Research shows that talking about suicide can save lives.
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Combat stress and insecurity due to the loss of resources. Even if there is no loss of employment, financial crises can lead to a greater workload due to staff reduction. Faced with the threat of loss of income or job security, it is advisable to connect with people in a similar situation so as not to feel alone and share resources and seek help from social services or humanitarian organizations.
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Challenges to identity, social roles and meaning. Losing your job or source of income can negatively affect your sense of identity, so you have to think of yourself as more than just the caregiver or breadwinner and look at other aspects of life. In the case of women, they do not have exclusive responsibility for the emotional care of family members, and in situations of economic crisis, domestic tasks and the care of children or other dependents must be shared equally.
