Covid, financial stress and mental wellbeing of Finnish adolescents

Abstract

This article investigates the link between perceptions of financial stress and the mental well-being of Finnish adolescents during the second year of the Covid-19 pandemic. Did adolescents perceive an increase in financial stress and a deterioration of their mental wellbeing during the beginning of the pandemic? Moreover, to what extent can perceptions of increased financial strain explain experiences of mental wellbeing, and what protecting factors mitigate this association? We use unique national survey data collected among Finnish 12–17-year-olds in 2021 (N=1102) for answering our research questions. We found only a moderate increase in financial stress but a considerable deterioration in perceived mental wellbeing. Moreover, financial stress and mental wellbeing were negatively correlated, even if this correlation was moderated by social, psychological as well as school-related factors.