Americans’ bank accounts and mental health have suffered due to financial worries, including high inflation, volatile markets, and general economic unpredictability.
According to a Bankrate survey, 42% of American adults said money harms their mental health.
Since prices have been rising for months, more and more people are going insane trying to make both ends meet. In addition to draining your bank account, inflation harms your mental health. The cost of consumer goods has been rising, and many people are experiencing financial hardship.
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What impact does inflation have on mental health?
According to American Psychological Association, the rise in the cost of essential goods due to inflation is Americans’ most significant source of stress.
Let’s dig deeper and see the actual factors responsible for mental health due to inflation. They are:
1. You begin to lose faith
Even though the world is still getting over the pandemic, the problem of inflation is taunting and trying everyone’s patience. People have been stretched to their breaking points by the outrageous gas prices and raising the cost of other goods. They risk developing depression, anxiety, and other mental health conditions without adequate financial opportunities and assistance.
2. You disregard your well-being and health
Depreciation in mental health is significantly impacted by inflation. Life is becoming more and more expensive. Some people who lost their jobs or businesses due to the COVID-19 pandemic are still starting over. The necessity to work hard and persist in making money outweighs the need to care for one’s mental wellbeing.
3. It promotes low confidence and insecurity
Even with multiple jobs, low-wage earners are far from being financially stable. They don’t know for sure if they will still have a job tomorrow, if they will have enough money to pay their rent and bills, or if they can feed their family. They experience constant fear and ambiguity. It eventually makes them feel unimportant and worthless.
4. You avoid making connections with others
There will be times when you feel like living life is a waste of time. You spend your entire day working or moping around because you’re depressed and angry. When you see your friends succeeding, you get envious. You contrast your situation with theirs and attribute your miserable existence to your low-paying job and high costs.
5. It makes you anxious and stressed out
According to Web MD, you develop depression and anxiety when there is inflation. You are concerned because you might not be able to purchase the necessities for your family. You can’t sleep at night because of the high prices because you’re worried about how to make more money or pay off your debts.
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Some individuals consider inflation a severe problem that impacts their mental health. They struggle with managing their finances, which makes them feel anxious and depressed. Many people give in because of financial concerns, leading to mental health issues.
When you’re carrying something too heavy for you, depression and anxiety will show up. They become active when your mind can no longer handle the pressure and stress.
Whether we’re trying to have a difficult conversation about money or simply struggling to meet our immediate needs, financial insecurity can undoubtedly significantly impact our mental health. It’s critical to be kind to yourself and seek assistance if you require it. Commit to taking baby steps toward financial control. Develop a budget, look for ways to increase income, pay off high-interest debt, and save even a small amount of money for the future.
As we know, inflation and the falling of the stock market are synonymous, so let’s read more about Does The Falling Prices Of Stock Prices Affect Humans’ Mental Health. Click here.
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