We are the only team to have conducted a systematized review on global research that links financial crises with mental harm. We found that almost 100 studies out of the nearly 7,000 we reviewed showed that financial problems had a long-term, negative impact on people’s wellbeing. This included an increase in depression, anxiety, and suicide risk.

But not everyone is equally affected. The stress and mental health problems associated with financial insecurity and loss are largely determined by your gender, age, occupation, and family status.

We are seeing an unprecedented level of mental illness in all age groups, from the young to the old, with enormous costs for families, communities, and economies. This series will investigate the causes of this crisis and provide an update on the most recent research that can help improve mental health in all stages of life.

Manual workers (such as farmers, tradespeople and those working minimum-wage jobs) are vulnerable as they typically have less of a safety net, while small business owners are particularly susceptible to financial pressures and worries.

People who are at the extremes of age have less resources and therefore, they are more vulnerable. families and individuals with lower levels of formal education are also at greater risk.

Suicide mortality rates women, however, are at greater risk of poor mental health during financial crises, because they tend to have more responsibilities at home and at work, including more emotional labour helping others who might be financially struggling.

Stress, stigma and social roles

Our research highlights three major challenges for the mental health of people who are struggling with a financial crisis. Understanding these challenges could make people more resilient to future financial crises. These recommendations are based on both the findings of the study and our combined knowledge and expertise in health psychological research.

1. Support for social stigma and stigma

In many societies, the stigma associated with mental illness has decreased as we have become more comfortable discussing our health. But it’s not clear if we feel comfortable talking about finances. Encourage people to talk about their financial problems with family, friends and partners without judging them. This is especially important in times of economic uncertainty.

A higher level of trust in others can also help to reduce mental distress during times of financial crisis. Reduced stigma surrounding mental health and suicide may help to mitigate some of the worst outcomes. Talking about suicide has been shown to help save lives.

2. Stress and insecurity due to loss of resources

and increased pressures in the workplace can occur even if you feel that your job is secure. This is because of increased workloads and reduced personnel.

Check if your employer has an employee assistance program. This program provides legal and financial support and psychological support to employees in times of need.

Join a union. Most provide legal advice and financial assistance. is also accessible for practical support to business owners.

Connecting with others in similar situations, both online and in person, via parent group can make you feel less alone. It’s also a great way to share resources. You can also get support from your council.

3. Identity, social roles and meaning: Challenges for identity

It is understandable that losing your job or income can affect your self-esteem. Identity and meaning are not limited to work.

Avoid thinking of yourself as a “single thing”, such as a breadwinner, or as a caregiver. This can lead to a feeling of fragility. Try to discover greater meaning in your family, hobbies, and organizations.

We need to help women understand that they are not responsible for being the emotional caretakers of their families or other care situations. This can be damaging to their sense of self. The division of household work and childcare is best done as evenly as possible, especially during times of stress.

The Great Depression’s enduring pain. Mark Benedict Barry from Wikimedia Commons CC-BY

Save lives and the economy.

Mental health declines should not be seen as an inevitable cost of financial crisis – it is both wrong and immoral. Supporting the wellbeing of a country could help a struggling economy, by reducing sickness and disability due to mental illness and ensuring optimal work practices.

Our review shows that the structure of societies can influence the mental health of their citizens. Iceland, a country with a strong welfare system, has reported minimal or no increases in the suicide rate following a financial crisis.

On a national scale, it has been shown that strong welfare access to health services and progressive attitude towards mental health reduces suicide and mental illness. Individually, reaching out, developing supportive social networks and rethinking identity and financial knowledge can help us weather current and future crisis.

It’s important to be aware of the mental health services available, no matter what stage you are at in your life. For professional help in the UK, you can contact your GP or use the NHS eReferral Platform. You can also check out the NHS Talking Therapies. Charity and organisation such as Mental Health Foundation , The Samaritans or Mental Health Foundation provide professional advice and support.