Financial crises and uncertainty can impact mental health: Study

The pandemic has made India’s mental health crisis a top priority. Many Indian citizens have experienced various forms of isolation and insecurity as a result of the pandemic. Every individual in society is affected during an economic crisis or uncertainty. The experience of being stressed during these times is common. Future uncertainty, loss of income, inability to pay bills, pay off debt, inflation, and unemployment are some of the major factors that impact mental health. Some people may also experience anxiety, depression, insomnia, social withdrawal, physical ailments, and other related conditions. There has been a marked increase in cases of alleged mental illness since the lockdown. This is an opportunity for the nation to reorganize its mental health system to better serve its diverse population. The pandemic has mainly affected 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 problems.

Psychologs Magazine puts its continuous efforts into educating people and spreading awareness about mental health. In November they launched their special edition through which they provided an in-depth review of how economic crises/uncertainty are causing the appearance of serious psychological disorders. They have highlighted the point that financial decline not only shows a higher rate of uncertainty, but also shows severe substance abuse, suicidal thoughts, and poor mental health. The financial crisis is expected to have mental health impacts that could make people more susceptible to psychological problems. It is widely known that social deprivation, poverty, inequality, and other socioeconomic determinants are related to mental health problems. Financial crises pose a significant risk to a person’s mental health, as well as the mental health of their families, and there is a connection between a person’s state of mind and the stock market.

The Psychologs also took a step in the direction of providing mental health support services and providing mental health care to those who cannot afford it. The goal of this campaign was to educate people, spread awareness and support mental health by making it more easily accessible to people because the frequent misunderstandings that exist about mental illness may seem harmless to people, but can raise serious concerns. in various ways that prevent a person from seeking help and assistance for their mental health problems. Psychologs print magazine circulation is 150,000 with 12.25 readers per magazine, total readership is 18,37,500.

The editor-in-chief of Psychologs magazine, Arvind Otta, stated that “most people occasionally worry about their finances. However, if financial uncertainty interferes with a person’s daily life, it can become a problem. It is crucial to express these uncertainties and not keep them to oneself if a person believes that the stress of their financial situation is too much for them. Details are not required, but the more the individual shares his concerns with others close to him, the less lonely and stressed he will feel. He also discussed certain psychological ways to manage mental concerns related to financial uncertainty, such as keeping track of spending, boosting self-esteem, practicing relaxation techniques to manage stress-related symptoms that are due to the uncertainty an individual experiences . such as meditation, breathing exercises that will help restore balance in life and relieve stress.

Financial crises are situations of chronic stress and are likely to have psychological and psychopathological consequences. Managing these consequences is a complex task because at the same time you have to cope with the stress of the crises and the anxiety that disturbs the individual. It is important to take care of our mental health in difficult times due to crises. Take some time for yourself, relax, and it’s totally okay to ask for help if you need it. Try to focus on things or situations that you can control. Given the difficulties derived from the current economic and epidemiological crisis, prevention in the field of mental health is now more crucial than ever.