Inflation occurs when prices increase. Inflation can make it difficult to pay for basic necessities like housing, food and healthcare.
According to the results of the American Psychiatric Association’s (APA) Healthy Minds Monthly Survey, almost 90% of Americans report feeling anxiety or being very anxious about inflation. This is an 8-point increase from the previous months.
The APA survey also found that more than 50% of Americans were concerned about a possible loss of income, despite the fact that inflation is at a high for 40 years.
When:
- Financial stress is experienced when you are unable to pay your bills, or manage your finances in a manner that allows you to stay financially afloat.
- Budgeting and spending can be difficult.
- Job stress can be a result of inflation, which can lead to insecurity at work and long hours required to maintain income.
Understand the emotional and mental effects of inflation. You can manage your mental well-being by being aware of the mental risks associated with inflation.
STRESS OF ECONOMIC CHANGE
“Financial Stress can cause chronic anxiety, exhaustion and strained relationships between partners. It may also prevent a person to get housing, education or healthcare .”– KARA NASSOUR
Inflation can make economic change a challenging and stressful experience.
Mental health can be affected by rising prices, as people are worried about their ability to afford basic necessities like housing, food and healthcare.
This blog will explore the impact of inflation on mental health and what individuals can do to safeguard their mental well-being in times of economic change.
How Inflation Impacts Mental Health
Paula Allen is the senior vice president for research and total well-being at LifeWorks. She says that inflation takes away your security. You’re unsure if you can afford things in the future. Even if you’re financially stable today, you may not be in future .”
Inflation has a negative impact on mental health, as prices rise and basic needs become more expensive.
FinMasters commissioned a report entitled “Impact of Inflation on Mental Health”. The findings of the report were:
-
Paying bills was cited by 67% of respondents as the main source of stress.
-
86% of respondents were concerned about their ability to buy food.
-
24% are worried about their ability to pay for fuel.
-
76% of respondents were concerned with housing costs.
-
7% of respondents cited debt on credit cards as the cause of their anxiety.
Harvard Business Review cites:
“Healthcare and health behaviors are important to people in many different ways. However, it is clear that financial strain and emotional state have a direct effect on their health.”
For those living paycheck-to-paycheck, inflation can cause even greater financial stress as their income will not be able to keep up with the increasing costs. mental concerns may also arise when people are worried about their future economic prospects and job security.
Mental Health Resources for Coping with Inflation
Mental health resources can help people cope with the impact inflation has on their mental health.
A therapist is a great resource for support and strategies to manage mental health in times of economic change. Many online resources also provide information about mental well-being, and how to protect your mental health when inflation is high.
Here are some resources you may find useful if you want to know more about inflation and mental health.
- National Alliance on Mental Illness– mental health resources and information related to economic changes
- Centers for Disease Control– Mental health strategies in times of economic change
- American Psychological Association– Tips for mental wellbeing during economic issues
- World Health Organization– Mental health support information during times of crisis
Creating a Budget Plan During Economic Change
A budget plan can be vital to protecting your mental health when economic changes occur.
During inflationary times, a clear understanding of your income and expenses will help you to manage your finances better.
Budgeting also helps you to save money for emergencies, so that you’re better prepared in the event of an emergency.
Staying informed about the economy and inflation
Staying up to date on the economy, inflation and other economic issues will give you a better understanding of mental health challenges arising from economic changes.
Understanding the impact of factors like unemployment, wages and taxes on mental health can help you take proactive measures to protect your mental health.
TAKING ACTION TO PROTECT MENTAL WELL-BEING DURING PERIODS OF HIGH INFLATION
You can protect your mental health during times of high inflation by taking action.
Find a Therapist who can help you deal with the anxiety, fear, and despair that come with these uncertain times.
Mental health is dependent on good habits, such as getting plenty of sleep, being in touch with family and friends, and participating in activities that make you happy.
Setting financial goals and creating a plan to achieve them will give you confidence in managing your finances through economic changes.
You can protect your mental well-being by taking steps to combat inflation.
Today’s Actions
- Speak to a mental healthcare professional
- Budget plan
- Keep informed about the economy
- Take action.
Thank you for reading! This blog post is intended to provide useful information about how inflation can affect mental health, and what individuals can do to protect their mental wellbeing during economic changes. Watch for more posts on mental health and economy!
