Money is an essential aspect of the human experience. It “answers all things” and influences our well-being in various ways. While financial stability can provide a sense of security and freedom, the relationship between depression and money is complex and multifaceted. Mental health issues, such as depression, can significantly impact an individual’s financial situation, while financial difficulties can also contribute to the development or exacerbation of depression. In this article, we will explore the connection between depression and money, shedding light on the reciprocal relationship between these two important aspects of life.
Depression makes it tougher to secure the bag
Depression can take a heavy toll on an individual’s financial well-being. The symptoms of depression, including lack of energy, diminished concentration, and low motivation, can make it challenging to maintain employment or meet financial obligations. Reduced productivity and missed workdays can lead to income loss, financial instability, and increased debt. Moreover, individuals struggling with depression may be more susceptible to impulsive spending or engaging in risky financial behaviours as a temporary escape from emotional distress. When these compound, one thing becomes sure: the bag gets further out of sight. And that’s not the life we preach at Herconomy.
On the other hand, financial stress and difficulties can contribute to the development or exacerbation of depression. Constant worry about money, overwhelming debt, job insecurity, or the inability to afford basic needs can create chronic stress and anxiety, leading to mental health issues. Financial strains can strain relationships, disrupt social connections, and limit access to necessary healthcare and support systems, further affecting mental well-being. The pressure to maintain a certain lifestyle or meet societal expectations regarding wealth and success can also contribute to feelings of inadequacy, self-doubt, and depression.
For women, there’s more to the story
Women often encounter specific financial challenges that can contribute to or exacerbate feelings of depression. Disparities in wages, gender-based discrimination, and limited access to financial resources and opportunities can create economic inequalities for women. The resulting financial strain, coupled with societal expectations and responsibilities, can lead to increased stress, anxiety, and depression. Many women have to choose between furthering their careers and paying more attention to their families, especially the growing kids. This puts them in the difficult position of making a choice that is often used by society to assess them. But what we sometimes fail to realise is that having to give up on one’s dreams is often a recipe for dissatisfaction and looming depression.
Additionally, societal expectations and cultural norms play a significant role in accentuating depression for women. Pressures to conform to traditional gender roles, meet societal beauty standards, or achieve certain material possessions can contribute to feelings of inadequacy, self-doubt, and depression. The constant comparison and the fear of not measuring up can erode women’s self-esteem and mental well-being, even if their financial circumstances appear favourable on the surface.
The way forward
Recognizing and addressing the money-divorce connection is a crucial step toward building a more inclusive and supportive society. By acknowledging the unique financial challenges faced by women, promoting gender equality, and fostering mental health support, we can empower women to navigate their financial journeys with resilience and promote their overall mental well-being.
A good place to start is through advocacy for gender equality, financial literacy, and mental health support. Encouraging equitable employment opportunities, pay parity, and flexible work arrangements can alleviate financial stress and empower women to navigate their careers and financial goals more effectively. Also, providing access to affordable mental health services, creating safe spaces for open discussions, and challenging societal stigmas surrounding mental health are crucial steps toward promoting the well-being of women.
According to statistics, more women suffer from depression than men. And the reasons for this are glaring. At Herconomy, we think it’s high time we created a world where the money-depression connection is addressed, and women can thrive financially and emotionally, free from the burdens of societal expectations.
At Herconomy, we organise numerous capacity building and wealth creation programs to empower communities of women. We also have a savings solution; an app we designed to help women grow their wealth. With us, you get 10% interest on your savings and kiss transaction charges goodbye. You can also save with communities of women in a way that enforces your relationships and commitment to financial freedom. Herconomy’s got the solutions you need, We were born with you in mind.
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