Impact of economic crisis on mental health: a 10-year challenge

Abstract

The worldwide economic crisis of the last decade, and still unresolved, led to a great recession involving all major economies. Since economic factors may influence mental wellbeing, not surprisingly a rise in poor mental health was observed in different countries, while representing a great challenge to psychiatric interventions. This paper aims at reviewing the available English literature focusing on the impact of the current economic crisis on mental health, with a special focus on depression and suicide. Available studies indicate that consequences of economic crisis, such as unemployment, increased workload or work reorganization, and reduced staff and wages, may constitute important stressing factors with a negative impact on mental health. Although data are not easily comparable in different countries, depression seems to be the most common psychiatric disorders especially in middle-aged men. Even suicide rates seem to be increased in men, mainly in countries with no public welfare or poor family relationships. All these findings require a careful attention from both governments that cut resources on public health instead of investing in it, and psychiatric associations that should implement appropriate strategies to face and to manage this sort of depression epidemic driven by economic crisis. Again, as available data suggest that the impact of the crisis might have been attenuated in countries with higher spending in social protection, they clearly urge policy makers to take into account possible health externalities associated to inadequate social protection systems.

Adolescent psychiatric disorders during the COVID-19 pandemic and lockdown

“…Despite existing data about adults, there is little data about adolescents' psychiatric disorders during economic crises. Periods of economic crisis are reportedly associated with an increase in suicides, depression, anxiety, and addiction disorders in adults (Gili et al, 2013;Marazziti et al, 2020;Uutela, 2010;Silva et al, 2020). Interestingly, some authors reported that income reduction was the highest predicting factor of psychological disorder development during recovery following the 2003 SARS outbreak in Beijing, China (Mihashi et al, 2009).…”

Low assets and financial stressors associated with higher depression during COVID-19 in a nationally representative sample of US adults

“…14 Financial strain also has a cumulative effect on suicide attempts and ideation, with greater financial strain causing higher prevalence of suicide. 15 Potential pathways to depression from economic recessions include unemployment, 16 increased job stress, staff reduction and decreased wages, 17 as well as cuts to mental health services. 18 Lower socioeconomic indicators are associated with greater risk of mental illness 19 20 ; conversely, wealth is associated with improved health, including mental health.…”

Concerned Whether You’ll Make It in Life? Status Anxiety Uniquely Explains Job Satisfaction

“…For instance, as economic inequality may heighten status anxiety, which then may negatively affect well-being in the population (Wilkinson and Pickett, 2009), future research could also examine the possible mediating role of status anxiety in reactions to pay inequalities in the workplace, perhaps especially among those lower in status (e.g., Card et al, 2012). Similarly, as economic crises are consistently linked to worse psychological well-being (Van Hal, 2015;Martin-Carrasco et al, 2016;Marazziti et al, 2020), it may be worthwhile to explore how the relationship between status anxiety and lower job satisfaction may be affected by such societal events.…”