Financial crises are characterized by severe economic losses, unemployment, uncertainty about the future, and disruptions to family life. The impact on mental health can be devastating. However, it is important to examine the evidence to determine who is most vulnerable and in what ways.
Our team conducted a comprehensive review of global research on the link between financial crises and mental health issues. Out of the thousands of studies we considered, we found nearly 100 that were eligible for analysis. The evidence consistently shows that these crises have long-term negative effects on the well-being of various groups of people. Depression, anxiety, and the risk of suicide tend to increase during these periods.
However, not everyone is equally affected. Factors such as gender, age, occupation, and family status play a significant role in determining one's vulnerability to the stress and mental health challenges associated with financial loss and insecurity.
Manual workers, including farmers, tradespeople, and those in minimum-wage jobs, are particularly vulnerable due to their limited safety nets. Small business owners also face significant pressures and worries during financial crises.
Individuals at both ends of the age spectrum are more susceptible to the negative impacts of financial crises, as they often have fewer resources to cope with the challenges. Other groups at higher risk include families, individuals with lower levels of education, and those with chronic health conditions.
During financial crises, suicide rates tend to increase, especially among men. However, women are more likely to experience poorer mental health overall, as they often take on additional responsibilities at work and home, including providing emotional support to others who may be struggling financially.
Our research highlights three major challenges to the mental well-being of individuals facing financial crises: stigma, stress, and social roles. By understanding and addressing these challenges, we can enhance psychological resilience and better prepare individuals for future economic downturns.
Based on our study's findings, we recommend implementing strategies to support individuals during financial crises, including providing mental health resources, reducing stigma, and promoting social support networks. These measures can help individuals navigate the psychological impact of financial crises and build resilience for the future.
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