- Mar 17, 2022
Impact of Inflation to Mental Health
With the continuous surge of prices for months now, more and more people are losing their minds on how to make ends meet. You only encounter the term inflation on books but now people are actually living and experiencing the harshness of it.
Inflation is not only draining your bank but it is also hurting your mental health. After the tragic bouts of COVID-19, here comes another factor that brings stress and anxiety to people. Prices of consumer goods keep on increasing and many have found themselves financially struggling.
How does inflation affect mental health?
According to a survey done by American Psychological Association and The Harris Poll, the number one source of stress to American people is the rise of prices of everyday items due to inflation. The war between Russia and Ukraine comes third which is also held accountable to the worsening of the global economic crisis.
1. You start to lose hope.
The world is still recovering from the pandemic and yet, another plight is taunting and testing everyone’s tolerance. The ridiculous prices of gas which leads to the increase of other goods have pushed people to their limits. Without enough financial opportunities and help, they are at risk of depression, anxiety and other mental health issues.
2. You neglect your health and wellness.
Inflation greatly impacts mental health depreciation. The cost of living is getting expensive. Some are still beginning to start over after losing their jobs or businesses because of COVID-19 pandemic. The need to struggle and persevere to earn money is greater than looking after one’s mental health.
3. It fosters insecurity and low confidence.
Low-wage earners, specifically even with their multiple jobs, are far from being financially stable. They are unsure of what tomorrow holds – if they still have a job, if they can afford paying their rents and bills or if they provide food for their family. They are living in constant fear and uncertainty. They see themselves as worthless and insignificant.
4. You refuse to connect with other people.
There will be times when you think that going out and enjoying life is a waste of time. Either you consume your day working or sulking because you feel hopeless and angry. Meeting your friends, who are doing well, makes you jealous. You compare your life with theirs and blame your low-income job and high prices for having a bad life.
5. It causes you stress and anxiety.
Inflation causes you to experience depression and anxiety. It worries you because you might not be able to buy your family’s basic needs. The high prices cause you to have sleepless nights because you constantly think on what to do to earn more or to pay off your debts.
How to deal with inflation when it affects your mental health?
No one can tell how long this economic crisis will be but one thing is sure – you have to continue living your life no matter what. You must learn how to manage this crisis without putting your mental health at risk.
1. Talk with your family.
Most parents avoid discussing money matters to their children. But doing this opens up their mind to the reality in the world that life is not always full of rainbows and butterflies. Make them understand that you may have to cut down on some of your expenses like yearly vacation to prioritize your basic needs.
2. Basic needs over wants.
It gives a wonderful feeling to parents and other breadwinners every time they can provide not just the needs but also the wants of family members. However, in this time of crisis you need to step back and evaluate your financial situation. It is not wrong to slow down in spending and direct your money to what is more essential.
3. Give importance to financial literacy.
During the pandemic and now inflation, people are getting conscious that they do not have enough savings for emergencies. No matter what your financial status is, you need to be smart about your income and expenses. These days, being financial literate will save you from money problems.
4. Take care of yourself.
Whenever money is involved, people tend to lose themselves. Most people work like a dog neglecting their health and wellness. They do not get enough sleep or eat well because they choose to work and work and work. Grinding for your needs and future is good but you need to take care of your health first and foremost.
5. Go to therapy.
Seeing a therapist or psychologist near me helps you to understand and accept your situation. You cannot control what is happening in the world but you can always do something about your mental health. When everything is unbearable and depressing, have courage and seek help.
Where to get help?
Some people see inflation as a serious issue which affects their mental health. They have a hard time dealing with their finances that causes them to feel depressed and anxious. Money matters causes many to surrender and this is when mental health problems arise.
Depression and anxiety manifest when something is too heavy for you to carry. They are triggered when your mind cannot handle the stress and pressure anymore.
Mindshift Psychological Services helps you lift up your burden and be free again. They offer therapy near me and counseling sessions to learn healthy coping mechanisms and response to depression and anxiety. Know more about their other therapy near me services on their website or call them at (714)584-9700.
Remember that a healthy and sharp mind is enough to combat any stress and worries in life.