Effect of financial status on mental health

Effect of financial status on mental health

As the saying goes “health is wealth”, it is only good health that stays with an individual in both good and bad situations of life. However, many times, the opposite is also true, which implies that the financial status of a person has a direct impact on an individual’s physical and mental health. People who are financially secure are generally satisfied in their social and interpersonal relationships, which eventually provides them with emotional, physical and psychological well-being.

Further, the stress and tension arising from economic challenges can cause a lot of harm to one’s emotional, behavioral and mental health. Studies have shown that the rate of mental illness, such as schizophrenia, is significantly high in communities with weak financial status.  According to a 2009 study published in the Journal of Epidemiology & Community Health, a higher incidence of common mental disorders and suicide is associated with poverty, deprivation, illiteracy, material disadvantage, social division and joblessness. Another study published in The British Journal of Psychiatry in 2012 reported that recessions broaden income inequalities in societies, resulting in an increase in the risk of poor mental health.

As per the World Health Organization (WHO) “Mental disorders occur in persons of all genders, ages, and backgrounds. No group is immune to mental disorders, but the risk is higher among the poor, homeless, the unemployed, persons with low education.”

People dealing with financial loss more prone to addiction to alcohol and drugs

People suffering from financial loss have a low level of self-esteem and high stress levels, which often affect their sleep, performance at work and their personal relationships. Economic shocks, such as theft and job loss, as well as financial upturns, significantly impact the mental health of a person leading to various mental disorders including anxiety and depression. Such individuals are more vulnerable to alcohol as well as drug addiction. Economic crisis or poverty is often accompanied with insecurity, illiteracy, insufficient housing and malnourishment which creates an inner conflicting situation, low self-esteem, poor dignity, inferior social status, guilt, anxiety and depressions further contributing to major mental disorders like depression, bipolar disorder, ADHD and schizophrenia.

There are individuals with good socio-economic status, particularly in developed countries, who are under financial debt. A 2014 report published by the Urban Institute suggested that approximately 35 percent of Americans are under the overdue debt which includes credit card balances, medical bills and unpaid bills. Scientists have found that the probability of having a mental health disorder such as depression and anxiety is quite high in people under debt. Moreover, such people have a significantly high susceptibility toward committing suicide owing to social and interpersonal factors.

Thus, a noticeable improvement in the financial security of people will definitely improve their mental health status and will remove the stigma and discrimination associated with the economic crisis. People who make respectable earning should learn to save their money to prevent situations like debt, which will prevent them from getting prone to mental illness during difficult situations.

Help is available

Financial crisis and debt can seriously hamper someone’s mental health, which, in turn, can seriously affect his or her emotional, social as well as physical well-being. As per the 2015 report by the National Alliance on Mental Illness (NAMI), 43.8 million Americans experience mental disorders in a given year. Fortunately, these mental health disorders can be diagnosed and treated and help is easily accessible at mental health helpline in Florida.

If you know someone who is dealing with any mental health disorder, the Florida Mental Health Helpline is always there to provide you with the best advice on various mental health issues. You may call us at our 24/7 helpline number (866) 846-5588 or chat online for further details about the best mental disorder treatment in Florida.