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VeryWell Mind: High Inflation Rates Impact Almost Every Aspect of Our Lives, Including Mental Health

User Profile: comfortableNight4463
comfortableNight4463 July 16th, 2022

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"Recently, it feels as if every purchase serves as a reminder of inflation. Things that used to seem affordable have suddenly become unattainable or shocking as the cashier rings them up.

The International Monetary Fund defines inflation as “the rate of increase in prices over a given period of time.”

why is inflation occurring at such a rapid speed right now? According to Dr. Jamie Peters, the assistant dean and assistant professor of finance at Maryville University, there are a few related reasons, including:

Why is inflation occurring at such a rapid speed right now? According to Dr. Jamie Peters, the assistant dean and assistant professor of finance at Maryville University, there are a few related reasons, including:

  • The COVID-19 pandemic disrupted supply chains, and companies can charge a higher amount for their goods.

  • There is a labor shortage, which allows people to ask for a higher wage, and costs more to the company.

  • Russia’s horrific invasion of Ukraine has meant more countries competing for oil from the Middle East instead of buying from Russia.

Inflation’s Impact on Mental Health


According to Kara Nassour, a licensed professional counselor with her own private practice, inflation has two main effects on mental health: financial stress and uncertainty.

“It decreases the power of the money you have, which can increase stress around finances. Financial stress can create chronic anxiety, exhaustion, strained relationships with partners, and prevent a person from getting housing, education, or healthcare,” says Nassour. “Poverty itself can be traumatic.”

According to Hazel Navarro, a licensed independent clinical social worker with her own private practice, people may experience physical or mental pain such as loss of sleep, low energy, irritability, headaches, and other muscle pains.

There is also the issue of this uncertainty and hopelessness coming on the heels of a similarly tumultuous and mentally and financially challenging time: the pandemic.

On top of all that, people are getting priced out of therapy due to increasing rates or needing to spend money on other things. A recent study from Verywell Mind found that 48% of people would be unable to pay for therapy if the rate increases and 38% have required help from someone else to pay for their therapy. In fact, about one-third of people have reduced the frequency or stopped attending therapy sessions altogether due to finances.

Navarro recommends checking if your insurance policy includes any in or out-of-network mental health providers, even if it’s a reimbursement of part of the rate you pay out of pocket.

Financially Savvy Tips


Budgeting


“In the absence of a budget, your mind is likely to make more negative assumptions about where things are at,” says Dr. Marie-Helene Pelletier, MBA, an award-winning work psychologist and expert in resilience and workplace mental health.

Take Public Transportation When Possible

With gas prices soaring, Peters recommends walking, biking, or opting for the bus any chance you get.

Look Into A Cost of Living Adjustment

As Peters explains, “If you have not gotten a good-sized raise recently, you are making less than you did a year ago. You need to let your employer know that you are in need of a raise.” Ask politely with precise data to back up the request."

Read the full article here!

Reflection:

What do you think about the current inflation? What are some ways that you could save money/reduce your expenses?

*I think budgeting would be very helpful. When we budget, we set a limit on how much we spend and can avoid going overboard. It helps me right now in college.*

#Inflation #Economy #MentalHealth


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User Profile: sunnyWriting4806
sunnyWriting4806 July 16th, 2022

@comfortableNight4463

The current inflation is pretty bad with all my friends saying a crash is bound to happen given prices are so high. Hopefully we'll be able to get through a recession this time or better yet try to prevent on from happening in the first place.

User Profile: globalBraid3744
globalBraid3744 July 23rd, 2022

@comfortableNight4463

Thank you for this great article!!

What do you think about the current inflation? What are some ways that you could save money/reduce your expenses?
I am very stressed about the current inflation situation. I made a plan for my monthly expenses and income and it is quite balanced for now. However, it is still frustrating to see that the worth of my life savings is extremely decreasing.

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