Does Global Recession Impact Mental Wellbeing?

The global economy has been in a state of recession since late 2019, with the COVID-19 pandemic only exacerbating the effects. With economies across the world in decline, it is not surprising to find that people are feeling the psychological effects of this downturn. In this article, we will discuss how the global recession has impacted mental well-being and what can be done to help those affected.

The global recession has had a profound impact on mental well-being, with many people feeling the effects of financial uncertainty, job loss, and other economic issues. Studies have shown that individuals are more likely to experience depression, anxiety, and other mental health issues during times of economic hardship. For example, a survey of over 1,000 adults in the United States found that those who had lost their job during the recession reported feeling more anxious and depressed than those who had not.

The psychological effects of economic hardship can be even more pronounced for certain groups of people, such as those with low incomes, the elderly, and those with pre-existing mental health conditions. The financial insecurity of the recession can lead to increased stress and anxiety as people worry about being able to provide for themselves and their families. In addition, the lack of job security can lead to feelings of hopelessness and despair, as individuals fear that they will not be able to find new employment.

The recession can also harm mental well-being in other ways. For example, there is evidence to suggest that the recession has led to an increase in substance abuse, as individuals turn to alcohol and drugs to cope with the stress and anxiety of their financial situation. In addition, the recession has also led to an increase in the number of people experiencing homelessness, which can have a serious impact on mental well-being.

What Can Be Done to Help Those Affected?

The psychological effects of the recession should not be underestimated, and those affected by it must receive the support they need. Several things can be done to help those affected by the recession.

The first step is to provide financial assistance to those who are struggling financially. This can be done through government programs, such as unemployment benefits or food stamps, or private charities. It is also important to provide individuals with access to mental health services, such as counseling or therapy, to help them cope with the psychological effects of the recession.

In addition, it is important to provide individuals with access to job training and education. This can help them find new employment and build their skills, which can be essential for financial security. It is also important to provide individuals with access to financial education so that they can make informed decisions about their finances.

Finally, it is important to create a sense of community, as this can help individuals feel less isolated and more connected to others. This can be done through support groups and online forums, where individuals can share their experiences and provide each other with emotional support.