In more recent times, inflation has moved from being a term in an economics textbook to something that is experienced and lived through by people across the globe.
This has not only depleted bank balances, but it has also become a mental health issue. In the wake of the Covid-19 pandemic and subsequent times, inflation has emerged as one of the greatest sources of stress and anxiety.
Survey Highlights: Inflation Tops List of Stressors
Recently done surveys from APA-Harris Poll showed that inflation-related concerns were escalating.
It is alarming how a rise in prices of basic items resulting from inflation became ranked number one source of stress for people all over the world.
Mental Health Toll
The repercussions that come with inflation on mental health are varied; however, some are disturbing:
Neglect of Health and Wellness
The high cost of living during this period has forced some individuals who have been laid off or whose businesses were shut down due to Covid-19 to prioritize their financial survival over their mental state.
The emphasis has been shifted towards seeking money at all costs from taking care of themselves.
Fostering Lack of Confidence and Insecurity
Feeling insecure financially is rampant particularly among low-income employees with multiple jobs.
Fear and insecurity arise where there is uncertainty about job security, ability to pay rent and bills, and feed families. These challenges only intensify when one loses confidence in their financial stability.
Causing Stress and Anxiety
In addition to financial pressure, inflation affects general well-being through feelings such as depression and anxiety that it triggers.
Worrying about not being able to afford basic needs creates considerable stress that leads to an environment characterized by constant unease.
Social Withdrawal
Stress triggered by inflation can make people withdraw socially from places they once found joy.
As people constantly struggle and worry about finances many will tend toward isolation whereby leisure activities are neglected in favor for financial burdensome responsibilities.
Strategies to Address Mental Health Challenges Amidst Inflation
Open Dialogue Within Families
Talking about financial struggles among family members can significantly help relieve stress caused by mental problems.
It helps family members understand each other and navigate through the difficulties together if they discuss that there is need for cutting down on spending and prioritizing the basic needs.
Financial Education for Empowerment
It is essential to address the reluctance to discuss finances especially with younger family members.
This kind of education equips people with knowledge and skills to make informed decisions, which can reduce anxiety during times of economic uncertainty.
Seeking Professional Support
Considering the impact of inflation on mental well-being, it is important that people seek professional help.
Counselors are able to provide coping mechanisms as well as stress management techniques among others such as giving a safe platform for one to share their worries and fears.
Community Support Initiatives
The mental health challenges associated with inflation can be addressed by various communities and support organizations.
These tough times need networks where individuals are able to support one another through organizing community activities as well as creating a sense of belonging.
Government and Corporate Initiatives
Governments and corporations can contribute to mental health well-being by means of implementing policies that mitigate the inflationary pressures.
Such measures as salary increases, affordable housing initiatives, and making mental healthcare accessible will influence significantly the capacity of individuals to cope with financial pressures caused by inflation.
In conclusion, the impact on mental health is beyond calculation in this world with inflationary pressure.
It is only through collective, immediate actions aimed at addressing the emerging challenges and equipping the community members with requisite skills and support systems to navigate such difficult economic times that some relief can be obtained from this looming disaster.
Societies can mitigate the mental health implications of inflation by encouraging open dialogue; boosting financial literacy; and introducing supportive regulations on a local economy basis thereby building up a more durable global society strengthened through empowerment in light of inflation.