How the Economic Downturn Impacts Your Mental Health: Your Path to Resilience


How the Economic Downturn Impacts Your Mental Health: Your Path to Resilience

Are you feeling the financial pressures of today’s economy? If so, you are not alone. Financial hardships can leave us feeling overwhelmed and anxious. While it is normal to experience a certain level of stress given our current economic climate, prolonged or intense stress related to the economy can have serious repercussions on our emotional health.

In this blog post, we will look at how we can cope with these tough times by understanding the correlation between economic stress and mental health.

The Connection Between Economic Downturns and Mental Health

While it may not seem obvious, economic downturns can have a profound impact on mental health. Financial stressors caused by job loss, reduced income, and increased debt can lead to anxiety, depression, and other mental health challenges. You may also experience a decrease in your overall energy levels or a complete loss of interest in activities you’ve once enjoyed.

According to recent research, the mental health of Canadians is deteriorating as a result of the increasing cost of living. Due to inflation, Canadians are encountering various challenges, including elevated levels of self-rated anxiety (33%) and depression (32%), a greater likelihood of being diagnosed with a mood disorder since the pandemic (14%), and a higher prevalence of suicidal thoughts (31%).

Substance Use, High-Conflict Divorce, and Separation in Economic Downturns

As the saying goes, when it rains, it pours. Economic downturns, unfortunately, tend to bring a deluge of issues along with them, including a surge in substance use and high-conflict divorces and separations.

When individuals or families are faced with financial struggles, the stress can be overwhelming, leading some to turn to drugs or alcohol to cope. This, in turn, can lead to concurrent disorders such as depression or anxiety.

At the same time, relationships can also suffer due to financial strain, with disagreements over money often causing rifts that can escalate into high-conflict divorces or separations.

The Essential Role of Therapists in Mitigating the Impact

In the face of economic downturns, mental health can often take a backseat to financial stability and material concerns. However, it is crucial to recognize when we need help. Simply acknowledging our struggles and getting support can make a significant difference in our overall well-being.

This is where therapists can be essential. As trained professionals, therapists can provide a much-needed support system for those struggling with their mental health during tough financial times. Getting help can also lead to long-term improvement and resilience. When we address our mental health needs, we equip ourselves with valuable tools and coping strategies that can serve us for years to come.

Contact Brenda Isen, Mental Health Therapist, Today!

Brenda Isen can offer specific forms of support for individuals, couples, and families affected by economic downturns. Through one-on-one counselling sessions, she can help individuals process the stress, anxiety, and depression that may come with financial hardship. Contact Brenda Isen today at (416) 559-4356 or to learn more about how she can help. Don’t let economic stressors take a toll on your mental health. Reach out for help and prioritize your well-being.