Title: Therapy for Money and Financial Issues
Headings: Money and Financial Issues
Money and Financial Issues
Types of Financial Problems
Money Problems and Mental Health
Poverty and Mental Health
Therapy and Financial Issues
Working with a Financial Therapist
Finding Affordable Treatment
Case Example
References:
Last Update: 03-24-2020

Content: During periods of economic hardship, families may lose their jobs, homes, vehicles, savings, insurance plans, retirement funds, personal belongings, and other valuable assets. Such losses can have a profound impact on the emotional and psychological well-being of families. The change in circumstances from having "something" to having "nothing" can be emotionally devastating, often triggering intense feelings of grief, sadness, worry, fear, or shame. A lack of funds can also lead to potentially detrimental lifestyle changes, such as consuming unhealthy foods or substances, diminished personal hygiene, or limited access to education. Under these circumstances, family relations can deteriorate and lead to negative mental or emotional consequences for individuals within the family. Common responses to severe economic hardship can include: Anxiety or depression
Intense grief
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Detachment
Substance dependency, such as alcoholism
Erratic sleep patterns
Chronic overeating or under-eating
Overwhelming stress or panic
Physical complaints such as tension, nausea, or chronic pain
If a person lacks enough money to cover the costs of food, shelter, health care, and other basic necessities, he or she may face an increased risk of illness, injury, or even death. Poverty and Mental Health
Though poverty does not directly cause mental health issues, it can greatly increase a person's risk of encountering mental health difficulties. About 31% of people living in poverty have been diagnosed with depression, compared with just 15% of those who do not live in poverty. The lower a person's socioeconomic status, the more his or her risk of experiencing mental health issues increases.