Financial crises and uncertainty can impact mental health: Study | The Financial Express

Financial crises and uncertainty can impact mental health: Study

The National Mental Health Survey revealed that households with lower incomes, less education, and lower employment rates are disproportionately affected by mental health issues.

Financial crises and uncertainty can impact mental health: Study
Most women tend to prioritize their family’s health before their own. (File)

The pandemic has made the mental health crisis in India a top priority. Many of us experienced various forms of isolation and insecurity as a result of the pandemic. Every individual in society gets affected during an economic crisis or uncertainty. The experience of being stressed out during these times is common. Future uncertainty, income loss, the inability to pay bills, repay debts, inflation, and unemployment are some of the major factors that have an impact on mental health. Some people may also experience anxiety, depression, insomnia, social withdrawal, physical ailments, and other related conditions. There has been a marked rise in cases of claimed mental illness since the lockdown. This is a chance for the nation to reorganise its system of mental healthcare to better serve its diverse population. The pandemic has primarily impacted the poor.  The National Mental Health Survey also revealed that households with lower incomes, less education, and lower employment rates are disproportionately affected by mental health issues.

As per a survey by Psychologs Magazine, it was revealed how economic crises/ uncertainty are causing the onset of serious psychological disturbances. They also highlighted the point that the financial decline not only shows a higher rate of uncertainty but also shows serious substance abuse, suicidal thoughts, and poor mental health.

It is expected that the financial crisis will have impacts on mental health that could make people more susceptible to psychological problems. It is widely known that social deprivation, poverty, inequality, and other socioeconomic determinants are linked to mental health concerns. Financial crises pose a significant risk to an individual’s mental health as well as the mental health of their families, and there is a connection between the mood of an individual and the stock market.

The aim of this campaign was to educate people, spread awareness and provide mental health support by making it more easily accessible to the people because the frequent misunderstandings that are present about mental illness might appear harmless to people but they can lead to serious concern in various ways which prevents an individual from seeking help and assistance for their mental health concerns.

Financial crises are chronic stress situations and likely to have psychological and psychopathological consequences. Managing these consequences is a complex undertaking because at the same time you have to cope up with the stress due to the crises and the anxiety that is disturbing the individual. It is important to take care of our mental health during tough times for crises. Take out time for yourself, relax and it’s totally okay to ask for help if required. Try to focus on the things or situations that you can control. In light of the difficulties brought on by the current economic and epidemiological crises, prevention in the field of mental health is crucial now more than ever.

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First published on: 29-11-2022 at 12:18 IST