Young adults under the age of 45 suffer the most: "Inflation" increases the risk of depression and bipolar disorder
All things are going up, but salaries are not going up! “Financial difficulties” may lead to long-term psychological problems
It’s common to hear office workers complain that “everything is going up, but their salaries haven’t.” This reflects the economic pressure that inflation brings to the people. Especially after the COVID-19 pandemic, layoffs and unemployment waves are common across the world, which can be described as another wave of “economic disaster” since the financial tsunami.
The rising cost of living, coupled with the uncertainty caused by the COVID-19 epidemic, may result in more symptoms of mental stress, anxiety and depression. Lisa Strohschein, a sociologist at the University of Alberta in Canada, said in a media interview that there are two main reasons why social economy affects individual mental health: one is “income inequality” and the other is “antagonism between the rich and the poor.” and division".
Unemployment, epidemic-induced income inequality and inflation may be the “last straw”
Strohschein said income inequality means a widening gap between rich and poor, as well as higher unemployment. Research published in World Psychiatry points out that income inequality causes about two-thirds of workers to suffer from depression; in countries with high income inequality, workers are 1.2 times more likely to suffer from depression. Prior to this, a study by the Journal of Occupational Behavior also revealed that 34% of unemployed people will develop psychological symptoms, with blue-collar workers at the highest risk.
Inflation makes low-income families increasingly uneasy. A report from the US “Washington Post” pointed out that amid the COVID-19 epidemic, low-income households have found it even more difficult to afford basic groceries and necessities. In contrast, the wealthier segments of society, which have greater financial buffers to absorb rising costs, have little impact on the cost of living.
Scott Schieman, a doctor of sociology at the University of Toronto in Canada, believes that before the pandemic, people spent less money and saved more money. Now, under the “double attack” of the epidemic and inflation, this pattern has changed.
“With incomes decreasing day by day, anxiety and stress begin to spread, eventually forming emotions such as anger and resentment.” Schieman said that such emotions can easily lead to conflicts between the rich and the poor and labor, and may also increase the risk of mental illness. Strohschein reminded that if relevant units cannot come up with appropriate intervention measures, the accumulation of stressors will be the last straw for low-income groups.
Young adults aged 18-44 are miserable! Depression and manic depression are common
Previous research statistics show that in 2020, adults aged 18 to 44 in the United States will have the most severe impact on mental health, while adults over 60 will have the least impact. Researchers assess that younger people are disproportionately affected by business closures and job losses.
A Harvard University study also pointed out that economic crisis and mental health problems are more likely to affect young people. At the peak of the epidemic in the United States in 2020, the unemployment rate among young people aged 16-19 reached 33%, and that among young people aged 20-24 was 26%. Long-term unemployment coupled with home isolation has led to an increase in obesity, cardiovascular problems, depression, and irritability among young people. Depression symptoms are even more common.
How to alleviate hidden problems caused by inflation or the epidemic? A study from the University of Pennsylvania in the United States believed that “setting goals” and establishing a daily planning list can help individuals regain their focus in life and shift their sense of powerlessness about the current economic situation. In addition, gaining connection and help from relatives and friends may also alleviate the loneliness or anger caused by mental illness.
“The emphasis is on ‘giving a helping hand’. Mutual help between friends, changes in government policies, or improvements in company systems may change the lives of young generations in the most difficult times,” said Strohschein.
source:
Inflation could hit your mental health as much as your wallet, psychologists say
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