Understanding Economic Inequality
Economic Inequality might feel like an issue that can be overlooked, however, when you pay more attention to it you will see that it is a big hole that needs to be filled. Most people do not know what economic inequality is and how it impacts mental health (negatively and positively). In this article, we will look into the intricate relationship between economic inequality and mental health.
What is Economic inequality?
Economic inequality is the biased dispensation of wealth and resources among people in a society. This can come in various forms such as earnings, access to health care, education, and other basic amenities.
In Simpler terms, it is the gap between the rich and the poor in terms of how much more they earn, and how much they have. When people have more money than others, it influences their opportunities, quality of life, and education. This inequality can decrease the chances of the poor to get better lives and it can also cause social issues.
The Link Between Economics and Mental Health
There is a connection between economics and mental health because the stress of managing your limited finances can negatively affect your mental well-being. People struggling with their finances can easily get depressed, and anxiety sets in due to the feeling of financial insecurity. People with good mental health are usually more productive, which in turn leads to better performance in handling their duties at work which also results in economic stability. The link between economics and mental health is two-way as they are both important to each other.
The Impact of Poverty on Mental Well-Being
Poverty can negatively affect mental health by causing depression, anxiety, and stress. Let’s look at how lacking basic resources can lead to these mental issues:
Stress and Anxiety
The more financial burdens you have, the more stressed out you tend to be. Individuals living with little or no money tend to worry about upcoming bills and how to handle them, this can lead to stress and anxiety, making it hard to focus on anything else.
Financial Stress as a Constant Pressure
Financial stress doesn’t go away unless significant changes to a person’s finances are made (higher earnings). Constantly worrying about how soon your next pay cheque come in and how to split it amongst the various pending bills can lead to a state of anxiety. Anxiety can affect productivity because it makes small tasks look like difficult projects to handle.
Depression and Hopelessness
Imagine working hard every week just to break even, doing this for a long time without having any sign of progress can lead to depression and a state of hopelessness. The feeling of not making progress might make people give up on their dreams, and abandon projects.
How Financial Strain Affects Daily Life
Struggling with your finances doesn’t just affect your mental health, it puts a strain on your daily activities. Let’s look at some of these strains.
Relationship Strain
Having financial troubles can affect your relationship with others. Not meeting up to your financial end to an agreement can lead to distrust between you and your business partners (e.g. not paying back a loan taken from the bank on the agreed date). It can also affect your private relationship, as two couples facing financial issues can argue a lot over money and responsibilities, which can lead to more emotional and mental stress.
Work Performance Issues
Aside from your private life, it can also affect your performance at work. Let’s talk about how it can happen.
Absenteeism and Productivity Loss
Financial stress can affect your performance at work due to difficulties in concentrating. It can also lead to being absent either physically, mentally, or both, this affects productivity at work. It is like trying to get a kid to study when their mates are outside playing, it affects their concentration because their mind is somewhere else.
Breaking the Cycle: Solutions and Strategies
Several proven strategies can be used to find a solution to this problem, let’s look at some of them that can be used to break this vicious cycle.
Financial Literacy Programs
Proper education on how to financial literacy can help a lot of people in managing how they use their finances. These literacy programs can equip individuals with the necessary skills and knowledge needed to cut unnecessary expenses, plan ahead, and learn how to invest and save money for future use.
Teaching Money Management Skills
Money management skills are handy toolkits that can help people tackle financial challenges. It equips one with the necessary information needed for budget planning, creating a savings and investing plan that fits into your salary. It is one of the essential skills required for anyone who plans on regaining control over their financial lives.
Access to Mental Health Resources
Getting access to mental health care and its resources is another way to solve this problem. Let’s look at some ways individuals can get the support they desperately need.
Community Support Initiatives
Individuals can come together to create community support groups or counseling services that are dedicated to improving the physical and mental health of the community. These support initiatives can be a safe haven for people willing to speak out and seek help, this can make their treatment journey easy thanks to the feeling of having both physical and moral support.
Personal Stories: Real-Life Impacts
Personal stories can shed more light on the issues related to economic inequality and mental health. Let’s look at how this can have an impact on those suffering from similar conditions.
Overcoming Financial Challenges
Sharing personal stories can be a motivation to others reading them, it can be a guide to individuals facing these challenges as they can now use their documented experience to navigate through the financial challenges. It is like traveling through a maze, with the help of a map it makes it easier for you to get to your preferred destination.
Finding Mental Health Support
Personal experiences shared can also break down stigmatization in more ways than one. For those who usually stigmatize people with these challenges, when they come across these real-life stories, it can help them understand the struggles of that individual and further educate them on how to help instead of criticizing them.
For individuals holding back due to the fear of being stigmatized, these stories can influence them to speak out, seek help, and join support groups. Being in an environment where it is normal to speak out and seek help about your mental health issues can help speed up the recovery process.
Conclusion
Economic inequality and mental health are two sides of a coin, it is impossible to have one without the other. However, this bond can be loosened through proper awareness, systemic changes, and access to resources needed to combat them. It takes a collective effort to create a community where there is equal opportunity for everyone to thrive both financially and mentally. This can be achieved through hard work, peer-to-peer support, and constant advocacy for change.
