The Impact of Financial Crises on Mental Health

Abstract

Several economic factors can increase the risk of mental health problems, such as poverty, unemployment, debt and, on a broader scale, funding cuts for social welfare systems and lack of education. This review explores how economic factors impact mental health, with a particular focus on the impact of the current cost-of-living crisis. In many studies exploring the connection between finances and mental health, specific groups are more vulnerable, such as those with pre-existing mental health problems or unemployment. This review draws upon lessons learnt from previous economic crises. It proposes solutions to tackle the ongoing problem, such as anti-poverty measures, financial counselling and education, funding for mental health services and future research.