Abstract:
This observation examines the multifaceted relationship between financial downturns and intellectual fitness, focusing on the recent international economic disaster brought on by the COVID-19 pandemic and drawing insights from the 2008 Great Recession. Through a complete literature evaluation, the look elucidates the numerous pathways through which economic crises, together with unemployment, monetary lack of confidence, housing instability, and debt, can exacerbate intellectual fitness issues consisting of depression, anxiety, and suicide. Utilizing the conservation of sources (COR) principle as a theoretical framework, the study investigates the interaction between financial stressors and character and societal well-being. Key findings underscore the disproportionate effect of monetary crises on inclined populations, which includes low-profit families, immigrants, and marginalized groups, highlighting the need for targeted interventions and bolstered social protection nets. The observation also emphasizes the importance of network resilience, financial literacy, and interdisciplinary collaboration in mitigating economic downturns’ unfavorable mental health consequences. By shedding light on those essential troubles, this study aims to tell policymakers, healthcare professionals, and network stakeholders about growing strategies to guard intellectual fitness amidst financial turbulence.
Chapter I: Introduction
Background
Multiple studies have shown that mental health is an integral part of public health that has far-reaching effects on the social and economic well-being of a nation. Problems with money always have an impact on people’s mental health. Pickett et al. (2010) state that adverse mental health outcomes may be a result of both direct and indirect socioeconomic consequences, such as material disadvantage and inequities, social disintegration, unemployment, indebtedness, and declining living standards. Uutela (2010) found that previous and present global financial crises have shown a strong correlation between these consequences and psychopathology, such as depression and suicide.
Concerning the impact on mental health, the COVID-19 pandemic and economic downturn have brought up significant problems. When individuals see their financial security threatened, it poses the biggest threat to their mental health and the mental health of their loved ones (Holland, 2016). Past events, such as the financial crisis 2008, teach us where problems are likely to arise and how to mitigate them. The crisis is not hitting everyone similarly (Aveyard, 2019). The loss of jobs, less access to social and healthcare services, and cuts in government spending are just a few of the negative factors that could come together in a recession to increase the risk of mental and cognitive illnesses (Meltzer et al., 2010).
A person’s mental health is negatively impacted, and their likelihood of acquiring anxiety and depression is increased by these variables, in addition to job instability and generalized future instability (Wright et al., 2016). Particular focus should be given to groups that have been historically marginalized, stigmatized, or oppressed. Chronic conditions may worsen amid crises (Cai et al., 2018). This is because several countries are reducing their spending on health insurance, especially in the public sector. Consequently, these individuals often do not have the means to get basic psychoanalysis or other necessary therapies.
Predicted negative impacts on disadvantaged individuals include growing debt, a lack of essential supplies, social marginalization, fear of job and income loss, instability, and dirty housing. The stigmatization that has accompanied the crisis has contributed to the continued social exclusion of already marginalized groups. Those who fall into this category may include those with mental illness, low-income families, the unemployed, immigrants, and illegal workers. Impoverishment impairs one’s physical, emotional, and mental health. According to research by Yang et al. (2017), those who have extreme financial difficulties are at a much higher risk of developing psychological issues such as depression, substance misuse (especially alcohol and drug addiction), and thoughts of suicide. The greater their debt, the greater the likelihood of mental health issues (Jenkins et al., 2016). According to an empirical study conducted in 2009 by Stuckler et al., suicide rates in the European Union increased by 28% when the unemployment rate surged. Governments should intervene with well-thought-out social safety measures for at-risk and susceptible populations.
Psychological isolation, remote work, and particularly self-isolation have been the subject of restrictions and regulatory actions in several countries. Significant monetary consequences have persisted. The global spread of the COVID-19 pandemic threatens people’s financial security since it can wreak havoc on supply chains and normal business operations. Strict rule-following reduces opportunities for social interaction, essential to mental health and self-confidence (Romanello et al., 2022). People are also worried about the emotional and mental toll that economic uncertainty may take. Serious mental problems are a result of layoffs, and very unpredictable work environments lead to serious mental health problems. A typically stable population acquires the pathological state of identity difficulties due to financial hardship and a lack of access to medical treatment.
Problem Statement
The present economic crisis is the primary cause of the recent dramatic rise in the number of reports of mental health issues, but there are likely other contributing causes. In retrospect, the 2019–2020 COVID-19 epidemic froze global financial markets and halted economic activity two years ago. The COVID-19 pandemic in the spring of 2020 had a profound impact on people all around the world. The country’s economy started to take a hit not long after the first outbreak broke out. Foreign trade slowed, and stock markets crashed in February 2020.
Consequently, the government-mandated shutdowns affected the job market beginning in the middle of March. Company closures in the service sector were widespread, except in essential positions; self-quarantines and mobility restrictions were also part of the closure processes.
Most contemporary economies rely on IT companies and semi-management jobs, yet many of the workforce still cannot adapt. Consequently, a large segment of the workforce went through sudden reductions in workload, prolonged periods of inactivity (such as layoffs), and eventual job loss from day to day.
The Great Recession of 2007–2008, in which many people lost their jobs and financial markets went into lockdown, may have had some bearing on this unexpected economic closure. Workers’ mental health may take a severe hit due to the abrupt recession. Some socioeconomic groups were more likely to experience COVID-19-induced depression and anxiety owing to job loss and economic loss threats, and there was a significant rise in loneliness levels as a result of social alienation (Moule, 2021). Anxieties about potential links between COVID-19-induced economic challenges (such as reduced workload and quick revenue loss) and mental health issues arose in light of the widespread disengagement from the labor market.
Since macroeconomic downturns tend to widen existing income disparities across socioeconomic strata, especially those based on occupational status and social class, some have hypothesized that this will be the case with the COVID-19 recession. It is clear from the changes in collective health indicators that the current economic downturn has brought about a wide range of psychological symptoms, according to the available studies.
Research Question
How is the present economic and financial crisis affecting people’s mental health?
Research Objectives
- This research aims to determine how critical economic problems like unemployment impact people’s mental health.
- To learn how common mental health issues have changed during the worldwide recession of the last decade.
- Identify potential strategies to mitigate the impact of the economic downturn on individuals’ mental health.
The significance of the study
In modern times, mental health has persisted as a multifaceted social problem. The many causes of cognitive and psychological issues have persisted, and researchers have persisted in their pursuit of a reduction in these causes. This research aims to draw attention to one of these big problems—economic obstacles—to illuminate the many dimensions of individual-level mental health and financial crisis (Wickham et al., 2020). The study’s results will illuminate the relationship between mental health and the economy. The results will contribute to the existing literature on the topic and help pinpoint strategies for mitigating the adverse effects of economic downturns on mental health.
Chapter II: Literature Review
Introduction
Many studies have looked at the effects of economic downturns, and they have shown that things like unemployment, substandard housing, and mounting debt hurt people’s mental health. To comprehend the ideas put forth by various scholars about the economic crisis—specifically the 2008 Great Recession (GGR) and the current recession (2019/2020), mainly brought about by the global pandemic—the researcher will consult prior research in this area. In this part, building on previous research, the researcher will provide the theoretical groundwork for the study.
Search Criteria
As part of their examination, the researchers will scour the following databases for relevant information: You may access various resources, including PsychINFO, PubMed, Google Scholar, MEDLINE, and Core Collection. They looked for “economic crisis,” “depression,” “depressive disorder,” “mental health,” “post-traumatic stress,” and “mental sickness” online.
Theoretical Framework
The principle of conservation of resources (COR) constituted the theoretical foundation for this investigation (Hobfoll, 1989). The COR hypothesis states that people respond to motivating stress by trying to maintain, increase, or acquire their current level of material things (Hobfoll, 1989, 2001). Resources may be physical objects (like a home or a piece of land), intangible qualities (like a person’s character or the strength of their online networks), or kinetic elements (like time and money) “that are sought by the person or that act as a means of acquiring additional financial assets” (Hobfoll, 1989). The ability to acquire and maintain resources is associated with adaptability, resilience, and prosperity. When resources are threatened or lost, such as in a financial crisis, tensions rise, and well-being declines.
This fundamental principle gives rise to the notion that people should put money into their assets to protect themselves against further resource loss, recover losses, and acquire resources. Material deprivation is more likely to strike those who are already financially struggling, and as a result, the cycle of increasing loss severity and velocity becomes even more entrenched (Hobfoll, 2001). COR theory is superior to other stress theories because it incorporates and emphasizes internal and external dynamics when conducting international comparative research on psychosocial components (Hobfoll, 2001). Hobfoll (1989) recognizes that individuals construct their homes within families, forming communities. People’s responses to stressful events are contextually dependent, and sociocultural contexts are fundamental to their well-being (Jones & Burns, 2021). As a result, it stands to reason that more resourceful individuals and communities will be better equipped to weather storms.
The influence that financial crises have on mental health
Faris and Dunham (1939) examined the correlation between the structural characteristics of Chicago area neighborhoods and the frequency of mental disorders in those neighborhoods; this research is one of the earliest examples of the psychosocial factors influencing mental health. Low-income populations demonstrated a higher prevalence of significant mental health concerns. Because of these results, sociologists are looking into the link between social status and mental illness. Following this, a growing body of research investigated the many patterns of mental disease that are more common in low-income communities.
In her introduction to the World Health Organization Publication Impact of Economic Crises on Mental Health, Zsuzsanna Jakab, the regional director for Europe, made note of the unique reduction in economic output, the decline in the economy, and its significant adverse impacts, particularly on real estate markets. She also mentioned the surge in the number of people living in poverty. Greece is experiencing the most acute effect, with extreme cutbacks to social services, leaving many impoverished, and the unemployment rate skyrocketing from 7.9% in 2007 to 27% in November 2012 (Authority, 2013).
The correlation between joblessness and psychological well-being
Unemployment and reduced income may also have serious consequences, particularly for certain people’s mental health (Reiss, 2013). Many mental health problems, including depression, suicidal thoughts, and alcoholism, are likely caused by or worsened by economic downturns, poverty, and family conflicts. There has been an increase in calls to Greek helplines mentioning the financial crisis, either directly or indirectly. The vast majority of respondents were unemployed and suffering from some mental illness.
Furthermore, Frasquilho et al. (2015) noted that demographics, government policies, welfare systems, job markets, and economic background all impact people’s health. Strong evidence suggests that changes in these critical factors might impact the psychological well-being of communities (Wilkinson & Marmot, 2003).
It follows that mental health might be one of the most vulnerable areas of health during a recession (Bambra et al., 2010), especially if mental health issues were already prevalent before the downturn (Frasquilho et al., 2015). Other scholars, however, have argued that there may be advantages and disadvantages to the links between deteriorating economies and indicators of well-being (Catalano, 2009). However, Modrek et al. (2013) predict that the current recession will worsen and intensify mental health issues by increasing sociocultural risk factors such as unemployment, financial difficulty, debt, and job-related concerns. Mental illness is more common among those who are dealing with these significant life changes. Because the home provides the most crucial environment for a child’s healthy development, it stands to reason that economic hardship and unemployment disproportionately negatively impact families, especially children.
Christodoulou and Christodoulou (2013) found that the number of people attempting suicide has been on the rise. Suicides have been documented in Greece and other nations with strict punishments, such as England and Ireland; however, this is debatable based on different research. Suicide rates tend to rise during economic downturns in Europe, and this data lends credence to such claims. Stuckler et al. (2009) discovered a 0.8% increase in suicides among individuals under 65 years old for every 1% increase in unemployment, thereby reinforcing the strong correlation between economic downturns and unemployment. Unemployment may have played a role in the almost fourfold increase in Greece’s murder rate between 2007 and 2009.
Another important economic factor that helps explain suicides, according to Huikari and Korhonen (2021), unemployment is unemployment. Almost 20% of suicide instances are associated with unemployment, according to this data. There is a nearly threefold increase in the suicide attempt rate among the unemployed compared to the employed. There may be an upsurge in mental health issues and suicide attempts if human capital is not adequately invested, which affects income in both the present and future periods. It is equally vital to discover the other reasons for the rise in mortality during the global financial crisis 2008, according to Laanani et al. (2015), even if unemployment explains a considerable percentage of it. The high unemployment rate during the 2008 financial crisis may be primarily responsible for the rise in mortality. They call the interconnected nature of unemployment and other aspects of the economic downturn the “crisis effect,” they think it is hard to study anyone in isolation. On the other side, lawmakers should figure out what caused this to happen so they can focus their prevention efforts on where they will do their best.
Debt and mental health are important considerations.
Scholars have shown that financial stress may lead to psychological problems. Some research suggests that worrying about debt may lead to stress, which in turn lowers the body’s ability to withstand mental health problems (Cheng et al., 2021). A lack of self-control, an increase in spending, and worse financial judgment are all symptoms of mental illness, according to other studies. Research that is both thorough and instructive has shown that indebted people are more likely to suffer from depression and that those who have mental health issues more often also tend to have debt.
According to research by Hodson et al. (2014), college students seeking employment see their outstanding debt as a strength and their ability to accumulate debt as a power. An outstanding, unsecured debt significantly impacts a person’s emotional and mental well-being. Sun and Houle’s (2018) findings showed a correlation between higher levels of outstanding loans and worsening mental health issues over time, which is in line with the study. A person’s psychological and physical health deteriorates in direct proportion to their level of debt. The bigger a person’s student debt, according to some (Williams, 2014), the worse it will be for their mental health. According to Zhang and Kemp (2009), when young people have outstanding debt, it may harm their self-esteem, total self-efficacy, reported well-being, and academic and volunteer behavior. Concern, melancholy, and worsening health are associated with undergraduate debt. Scientific studies have shown a negative relationship between having a lot of student loan debt and having a happy, healthy, and financially secure life.
Chapter III: Methodology
Introduction
In this part, the researcher will describe the steps used during the study to gather data and draw conclusions. In this area, you will find details on the inclusion and exclusion criteria of the research papers and the methods used to get data and articles from various databases.
Research design
This study aimed to follow the previously suggested technique by using a qualitative approach. Due to the study’s efforts to examine the effects from a worldwide viewpoint, this research strategy enabled the researcher to gather a diverse range of data. Thanks to this study design, the researcher could use their imagination while developing the necessary components and investigational techniques. The researchers aimed to draw on quantitative and qualitative literature from earlier studies to collect enough data and information. Their ability to draw robust conclusions while monitoring current developments gave them a more comprehensive understanding of the results.
Inclusion and Exclusion Criteria
Excluded from consideration were articles that concentrated on solutions or treatments rather than the study’s issue or that utilized broad measurements of anxiety or mental pain.
In addition, publications that did not employ quantitative methods, were published in non-OECD countries, were not peer-reviewed, did not answer the research question, were not available in English or digital form, and were published before 2008. We also culled any objectionable, commentary, editorial, or non-peer-reviewed publications from these lists. All publications discovered by the search had their abstracts and titles reviewed by the researchers separately (primary screening).
Data Collection and Analysis
After the first screening, we carefully examined all publications that met the second round of screening requirements to determine their publishing appropriateness for the final round of assessment. Before the study, the researcher used MS Excel to compile and summarize data and draw conclusions. The spreadsheet included information about the sample population, the layout, the directly controlled evaluation, and the critical findings related to the research question. The included publications were organized according to the order of evidence and the publication date. These data sets, and approaches were selected to best adequately characterize the several foci and outcomes included under these criteria. The obtained search results did not simplify or assume any personally identifying data variables.
All citations were imported into Proquest by the RefWorks citing manager, who was hired to arrange and maintain article sources. We read the abstracts of all the studies and searched the references of the removed articles to find more pertinent information.
Quantitative data on mental diseases in OECD countries was necessary to be considered for inclusion in the study. Studies that just looked at drug usage during economic downturns were different. To include the most recent information, especially that about the 2008 and ongoing global financial crisis (COVID-19), articles had to have been published between January 1, 2008, and the day the search was completed (July 10–August 10, 2022).
Chapter IV: Results
Although the researcher only planned to utilize 125 of the 381 papers retrieved using the above search parameters, they were imported into Proquest via RefWorks citation management. After reviewing the abstracts of 30 publications, the citation management tool and source list analysis produced 102 papers. Investigators included 127 papers in this extensive investigation after examining the final collection of 19 articles for exclusions.
We evaluated 125 studies, of which 11 (9%) were retrospective cohort analyses, 3 were prospective observational articles, 1 was a case analysis, 80 (80%) were time-trend analyses, and 26 (20%) were cross-sectional assessments. The most often reported outcomes were mental health issues, suicide, death, anxiety, and depression, which together made up almost 70% of the papers considered. More specifically, we considered findings on anxiety disorders from 64 studies (or 50%), 46 investigations (38%), and 20 experiments (17%). Of them, five deal with panic episodes, four with generalized anxiety disorder, and one with severe anxiety. Out of the total number of studies, two dealt with trauma-related disorders, eight with suicidal thoughts and risk, seven with self-harm, and eight with suicide itself. Hence, in some studies that looked at a combination of these subjects, they ended up in a lot more than just the consequence above categories. Most studies used self-reported symptoms or physician diagnoses to inform their measurements or sample surveys.
Chapter V: Discussion
During the last recession and the present one, there was a plethora of English-language studies released by OECD nations that examined the correlation between economic downturns and symptoms of depression, stress, and suicide. However, research on trauma-related disorders, such as PTSD, is lacking, particularly in specific populations such as children, teens, and the elderly. It is clear from the results of the studies that when people are worried about their financial and family circumstances, they are less likely to participate in prosocial activities. According to several interviewees, based on lessons learned from previous disasters, the new “normal” will be a condition of widespread fear, apprehension, and job uncertainty for an extended period (Bell & Walter, 2018). Crises, they said, could have significant and prolonged impacts on the health and stability of entire communities, not just individuals. So far, COVID-19 has caused several businesses to go under, as well as lockdowns, closures of companies, layoffs of employees, and a scarcity of resources. Many will likely suffer from the traumatic worry of losing their jobs, and some may even develop post-traumatic stress disorder (PTSD) as a result of the pandemic. Given the substantial correlation between work and psychological well-being and self-esteem, job instability inevitably impacts an individual’s sense of self, opinions of effectiveness, optimism, and social protection. Hence, the risk is complex and not limited to money alone. Since no man is an island, the mental toll of being alone after losing one’s job may be devastating.
Money problems and problems with money are associated with mental health concerns. Depression, hopelessness, paranoia, suicidal ideation, and substance abuse might result from unstable economies and job markets (Frasquilho et al., 2016). There is a correlation between unemployment and poor mental health (Bijlsma et al., 2017), and increasing unemployment leads to major psychological trauma (Bünnings et al., 2017). This is especially true when one considers the consequences of losing a job, such as social shame and emotional support.
Several developed nations saw a spike in depressive symptoms and cases during the 2008 financial crisis (GFC). The use of mental health services for the treatment of depression increased significantly during and after economic downturns (Wang & Fattore, 2020). Mental health appointments increased for some American women as they aged, had higher household incomes, had access to universal healthcare, and had higher educational levels; however, overall, visits decreased during the economic recession for men (25%) and women (7-8%) of all racial origins (Manuel, 2018). The use of psychiatric drugs increased during the recession across many demographics, including women in the US, people in the Northeast, American manufacturing workers, adults in Italy and Spain, and new Canadians seeking psychological outpatient treatment (Guerra & Eboreime, 2021).
Twenty-two studies looked at the connection between depression and unemployment; some of those studies found a positive association. The regression findings among unemployment and depressive symptoms and disorders ranged from 0.139 to 0.68 in two European studies (Kendrick et al., 2015). According to Buffel et al. (2015), countries heavily impacted by the 2008 financial crisis experienced higher rates of depression and more severe symptoms of the disorder. Lo and Chen (2014) found that the chance of having a chronic mental condition grew with worldwide unemployment statistics during the Great Recession. Studies in Greece and the Netherlands found that being unemployed during the Great Recession of 2008 increased the risk of depression by 1.65 to 2.02 times. Axelrad et al. (2017) found that individual-level employment decreased depressive symptoms during the GFC for American males and across European nations.
Evidence from studies shows that there are ways to deal with problems that lessen the toll that economic downturns have on people’s mental health. A society’s adaptability may increase or decrease in response to stresses like economic booms and natural disasters. The public education, welfare, and healthcare systems may all feel the effects of the latter’s potential budget cuts (Wahlbeck & McDaid, 2012). Determinations in policy may have an impact on the way depression affects mental health outcomes. Under irresponsible austerity measures, government healthcare for students, families, and kids might hamper economic development and cause costly and long-lasting psychological and structural health problems. Conversely, providing adequate social welfare and services support could effectively equip the community to withstand economic downturns and manage the emotional and mental effects of unemployment fear, low self-esteem, and other hardships.
Conclusion
As a result of the psychological repercussions of the economic slump, many countries are experiencing layoffs or the loss of a vital workforce; hence, mental health care is an essential component of overall health care. By conserving resources, a productive worker puts their time, energy, and thoughts into making the company more efficient and effective. Therefore, people view health as a pathway to achieving complete happiness. A positive attitude towards self-efficacy and achievements can be a coping mechanism in normal, stable conditions. However, it is also plausible that those who had mental health problems before the recession do not have these reserves and, as a result, seem detached and disengaged.
Recommendations:
Enhance access to mental health services: Governments and policymakers should prioritize allocating assets to mental health offerings, in particular for inclined and marginalized corporations who may additionally face limitations to access. This includes increasing coverage for psychotherapy and essential treatment options, specifically in the public area.
Implement centered interventions for at-hazard populations: Specific attention ought to be delivered to organizations traditionally marginalized or oppressed, including low-profit households, the unemployed, immigrants, and illegal employees. Tailored interventions should address unique challenges, including economic difficulties, job instability, and social marginalization.
Strengthen social safety nets: Governments must implement well-thought-out social safety measures to aid people and groups at chance in the course of financial downturns. This may also consist of unemployment blessings, housing assistance, and admission to fundamental necessities to relieve financial stressors and mitigate mental fitness effects.
Foster network resilience: Investing in network resources and help networks can help construct resilience towards the adverse effects of monetary crises on mental health. Initiatives that sell network brotherly love, social guidance, and collective coping mechanisms can buffer against the evil influences of financial instability.
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