Is Inflation Affecting Your Mental Health? How To Deal With It

People are concerned about inflation and its impact on their finances every now and then. People all over the world are concerned about how they will make ends meet as prices continue to rise. Earlier, we only saw the term inflation in books, but now people are living it and experiencing the consequences. Inflation not only drains our bank accounts, but it also has a negative impact on our mental health. Following the Covid-19 outbreaks, another factor has emerged that causes stress and anxiety among people, and that is inflation.

According to a survey conducted by the American Psychological Association and The Harris Poll, the number one source of stress for people these days is the rise in the cost of everyday items due to inflation.

Inflation: How Does It Affect Mental Health?

– Neglect Health And Wellness: Inflation has a significant negative impact on mental health. The cost of living is increasing. Some people are still rebuilding their lives after losing their jobs or businesses as a result of the Covid-19 pandemic. The need to work hard and persevere to make money outweighs the importance of caring for one’s mental health.

– Fosters Lack of Confidence and Insecurity: Low-wage earners, particularly those with multiple jobs, are far from financially stable. They don’t know what tomorrow holds – whether they’ll have a job, be able to pay their rent and bills, or provide food for their family. They live in constant fear and uncertainty.

– Causes Stress and Anxiety: Inflation makes you feel depressed and anxious. It concerns people because they may be unable to purchase their family’s basic necessities.

– Refuse to Interact With Others: There are times when you feel like going out and enjoying life is a waste of time. You either work or sulk all day because you’re depressed and angry. You become envious when you meet your successful friends. You compare your life to theirs and blame your problems on your low-wage job and high prices.

Tips on How To Deal With Your Mental Health Issues:

– Talk To Loved Ones/Family: Most parents/elders avoid discussing money with their kids. However, doing so exposes their minds to the reality of the world, which is not always full of rainbows and butterflies. Make them understand that you may need to cut back on some of your expenses, to prioritise basic needs.

– Give priority to financial literacy: People are becoming more aware that they do not have enough savings for emergencies as a result of the pandemic and rising inflation. Whatever your financial situation, you must be prudent in managing your income and expenses.

– Prioritise Needs Over Wants: During a crisis, you should take a step back and assess your financial situation. It is not wrong to cut back on spending and direct your money towards more important things.