Your financial situation may have a bearing on how well you feel mental. According to a survey of British nationals, individuals who feel as though they are suffering from debts are more prone to experience anxiety and sadness.
The pandemic, ensuing inflation and rising energy costs burden families.
The study demonstrates how the pandemic, the ensuing inflation, and the increase in energy costs have burdened family finances all around the globe. Previous studies have connected the pandemic’s financial stress to poorer mental health. But, according to the latest study, irrespective of how much your make, your mental health will be affected if you are unable to manage your debt.
Study authors indicated that the psychological problems related to the inability to pay debt don’t apply to low-income individuals only. This study examined how people’s perceptions of their capacity to handle debt connect to their mental health. Researchers analyzed the COVI-19 Psychological Consortium Study data that surveyed 2,058 adults in the UK.
The study also questioned whether individuals had ever received therapy for mental health issues and how bearable they thought their debt was. Additionally, it included typical questions for gauging anxiety and despair.
Individuals with issues managing their debt susceptible to mental health problems
According to the data, 24% of the subjects had issues managing their debt, and these individuals also experienced greater levels of depression, anxiety, and mental health therapy. After adjusting for socioeconomic variations across subjects, the researchers concluded that individuals were more likely to receive depressive, anxiety, or mental health therapy if they regarded their debt management issues as severe.
The authors emphasize that although these results indicate a connection between reported debt handling and mental health issues, they do not imply that one inevitably results in the other. Instead, they add that the research demonstrates how debt poses a risk to psychological health and calls for measures to mitigate its negative consequences, particularly when the nation is experiencing a crisis related to the cost of living.
