Financial Crises are the reality that embraced Its Impact on the mental health of the growing population for several reasons. Financial crises trigger diverse negative effects on individuals and their families. There can be various evidence from the history and the COVID-19 period where the community of frequent age groups dives into hell. Such economic crises lead to suicide cases and depression with plenty of disorders in society with health. Figuring out the reasons for financial crises and their effects on mental health is in high demand to understand the situation.
Reasons associated with the financial crises and their effects on mental health
The economic crises laid down the ground for poverty and mental challenges due to the loss of jobs, limited income sources, unemployment, etc. Let’s have a look into the matter, how does it affect lives?
1) Unemployment
As per the survey, the job loss impacts the living culture of families and the regular expenses associated with the members like the study of children, daily home requirements for living, etc. The continuous negative effects for the future may trigger anxiety or mental depression and may lead to suicide. The studies indicate the post effects of unemployment as low self-confidence level to search for new jobs and a decrease in controlling power to tackle situations.
2) Job Insecurity
People who take stress during the diverse conditions of financial crises and economic crises retain anxiety about job insecurity. It is not as simple as it seems to be but complicates the existing depression and turns it into a chronic stressor that can have the worst effects over time.
The self-control to bear and organize the workload of the limited workforce can have the threatening sense of overload of work on them. Thus, the ambition of finding new employment opportunities has faded and more strict job vacancies appear in the labour market. Employees of low competency and skills are insulted in the workplace. The anger inside the employee results in abusive language that can affect the future generation.
3) Coping Strategies
The unemployed individual gets affected by the financial crises and moves into the path of a series of unhealthy and risky coping strategies. They take it as a solution to the new stressor. These strategies vary in frequency and the most common ones can be alcohol and substance misuse. In some cases, it might be the direct decision of suicide as an ultimate strategy to deal with the situation. The evidence is there in the former USSR during the post-communist depression period. Just for the sake of monetary gains, businesses are involved in making innovative versions of conventional alcoholic drinks. These drinks were costing less but had worse effects on health due to overconsumption and the most damaging misuse of hazardous substances.
4) Depression
People whether depressed due to family situations or unemployment or anything else think to get rid of all by just committing suicide. According to the data, the ratio responsible is due to an increase in the 1% unemployment rate 0.8% suicide and even gradually increasing day by day. The group suicide trend on the internet in 1997 raised the rates of suicide by 45% in South Korea and varied in other places due to financial crises. The demand of society the sufferers is for a health care professional to look into the matter and find result-oriented responses for the condition.
Solutions for the effects of financial crises
1) Welfare support
Social welfare programs help society to decrease the rate of suicide. Economic crises can be an issue for several mental conditions but welfare support from the government can help to cure the situation.
2) Detect the mental condition
The mental condition and change in behaviour of an individual can be observed minutely to get the difference between a sad face and the clinical urgency of mental health. Later on, diagnosis of the correct condition can be done for the action required to cure the patient. Healing exercises and interactions are suggested to cure normal mental depression to a certain extent.
3) Fighting poverty and unemployment
The connectivity between socioeconomic declination is represented by poverty and unemployment. Mental sickness happens due to the regular hit of unbearable influences of society. There should be some provision for awareness programs to make these people independent by thinking and understanding their calibre to cope with the result.
4) Investment in mental health
Investment and plans for the parents and kids of workers and other employees or individuals can help them have less stress and prevent depression. The affordable investment in mental health benefits businesses and other sectors of the economy. Less input can gain more financial terms by generally speaking pushing a relaxed environment for mental health conditions.
5) Opting for psychiatric treatment
Psychiatric models can be selected to cure different mental conditions as per the need. Talking and smooth interactions with suggested tests can help people face and improve their mental health conditions further.
6) Final Words
The mental condition due to the financial crises in the lives of many and its associated services can provide a result with a little more effort. The history of many places shows the slow performance in case of bulk action of welfare programs. A prominent check-up for short-term funding is required as per the high time. Health services are more important before the financial cuts.
