Not since the great depression have so many people collectively been dealing with financial hardship. The COVID-19 pandemic locked down nations and caused people to lose their livelihoods. It is not surprising, then, that we are also seeing increases in the rates of depression.
There have been other studies that also linked depression and anxiety with financial burdens. In fact, this study suggests that individuals with depression and anxiety are three times more likely to be in debt.
It’s a Vicious Cycle
Solving any problem requires clear thinking and an ability to take action. The problem is, when financial burdens cause a person to become anxious and depressed, they live in an emotional state that makes it almost impossible to solve their financial problems.
For instance, when people feel depressed, it is common for them to also feel overwhelmed and out of control. They tend to want to avoid problems because they simply can’t bear the weight of it all.
Depression and anxiety can also make it hard for people to get proper sleep. This, in turn, creates mental fog, making it incredibly hard to figure out a solution to any problem.
Talking to Someone Can Really Help
No, I’m not talking about a financial planner, I’m talking about speaking with a psychologist. A Registered Psychologist can help you find some calm in the storm. Working with a psychologist often brings the kind of clarity that can help you heal from depression and anxiety and get your financial life back in order.
There is nothing to be ashamed of. Most of us have, at one point (if not currently), experienced trouble with our finances and felt depressed and anxious. It is a common part of living in these modern times when the economy seems to be going against us most of the time.
If you or a loved one has been having a hard time financially and you are feeling stressed and overwhelmed, please get in touch with us. We would be more than happy to help you deal with your current situation.
SOURCES:
- https://psychcentral.com/blog/stressed-about-money-tips-to-cope-with-debt-depression
- https://www.psychologytoday.com/us/blog/what-mentally-strong-people-dont-do/201909/how-your-mental-health-affects-your-financial-health
- https://www.mind.org.uk/information-support/tips-for-everyday-living/money-and-mental-health/the-link-between-money-and-mental-health/
