Written by Econintersect Guest
— this post authored by Amelia Evans
COVID-19 has severely affected global public health as well as the global economy. It has disrupted our daily lives, reduced income, increased unemployment, and set back the economic progress of most countries. Lockdowns imposed by governments to protect its people also have the effect of significantly reducing productivity and economic prosperity.
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Chances are good that we will survive this pandemic as humanity has done for thousands of years. The same goes for the economy. The economy has survived before, it will do so again. This situation also has the effect of negatively affecting people’s mental health. The question is … will we survive with our mental health intact.
Probably among of the most vulnerable to economic stresses are those living paycheck-to-paycheck. There are also those who lost their jobs because of the crisis. Economic hardship is one of the factors that can negatively affect the mental well-being of a person, in this case, widespread unemployment and economic recession. Here are several ways that a lack of economic stability can affect mental health.
1. Insecurity of income
Having a stable income then suddenly being faced with long periods of no income such as what is happening now to restaurants and barbershop businesses causes a great deal of anxiety for both the owners and the staff. The loss of control over the situation and as well as the problem of not being able to pay the bills compound the feeling of economic insecurity.
Race also plays a factor, as it’s been found that Black Americans felt they were more negatively affected by the COVID-19 pandemic. In the survey, 36% of Black American respondents said that their job has been negatively affected while only 26% of White Americans felt an impact on their job security.
2. Loss of self-esteem
Anyone who has experienced a job loss will experience a drop in self-esteem. This is especially true in societies that give particular importance to material wealth. Moreover, the tendency to compare one’s self to others who are doing better than you can add to the feeling of inadequacy. Other people can add to the feelings of insecurity as well. Some people avoid those who are experiencing an economic loss, essentially chosing not to care at all.
3. Feelings of isolation
Groups provide a sense of identity. With the loss of a job also comes the loss of work and social contacts. Suddenly losing touch with people who you once felt equal to can be a big blow to the ego. The loss of social contact can lead also to feelings of isolation.
Studies show that the length of unemployment has a direct correlation to the negative effect on mental health. Longer time of unemployment shows a greater effect on feelings of isolation and material deprivation.
4. Depression
Being unemployed, or under-employed we’re all associated with an increased risk for depression. With the more educated suffering a higher probability of getting depression. Unemployment gives a feeling of uncertainty about the future as well as a lower sense of self-value which can increase the risk of depression.
According to a US survey on mental health last April wherein participants from 2020 and 2019 were compared, the 2020 participants were 8 times more likely to screen positive for mental illness. This clearly shows the effects of the pandemic on people’s mental health.
The challenge right now is for humanity to find ways to quickly adapt and adjust to the stressful events brought by the COVID-19 pandemic. Poverty or economic hardship can both be a cause as well as a result of poor mental health. It is important to show compassion and offer support to laid-off workers by helping them get jobs again as being re-employed is the best way to reduce mental stress.
If you’re struggling to find mental health support during this time, check out online therapy platforms to explore your options.
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