According to the latest researches it is the constant inability to afford even the most basic essentials of life; this is the resultant feelings of depression. According to the Mayo Clinic, financial stress and depression go hand in hand. Financial stress refers to any situation that makes it difficult to meet minimum monthly household expenditures or has the effect of interfering with achieving good financial health.
Depression is a mental state in which there is a persistent feeling of hopelessness about having enough resources to cope with life’s challenges or about future prospects. In order to prevent or alleviate both, take the following tips as suggestions.
Financial stress and depression in African American college students
Financial stress and depression have a link with various poor psychological well-being outcomes, such as higher levels of stress, lower self-esteem, greater levels of social isolation, and reduced life expectancy. These negative consequences of stress and depression can have a significant effect on African American college students’ chances for successful life outcomes.
Studies have revealed that emotional stress can hinder healthy lifestyle choices. College students who are under financial stress are less likely to engage in healthy eating, less likely to exercise, and more likely to smoke cigarettes or use illegal drugs.
Other research revealed that emotional stress can also lead to unhealthy weight gain and unhealthy eating habits, which can exacerbate existing weight problems.
During times of financial stress and depression, African American college students are at higher risk for job loss or career advancement. According to Reiss says, “our estimates indicate that roughly half of all African American employed individuals experience some form of career loss or unemployment.”
In fact, job loss was as the leading contributor to missing time from work among employed individuals with the same backgrounds (e.g., black males with a high school education or less). Reiss says that the resulting lack of income negatively affects families and individuals, causing further stresses and emotions.
African American at greater risk for depression
A variety of studies have revealed that African American college students are at greater physical risk for depression as well as other mental disorders. For example, studies have shown that post-reactive depression is twice as common in African Americans compared to white males. Post-traumatic stress disorder has also been found to be common in this population.
However, the link between African American depression and mental health issues goes beyond that. Many of these mental disorders stem from other factors, such as family history, early childhood experiences, environmental factors and other biological vulnerabilities. Therefore, addressing all these aspects in addition to developing awareness of your personal as well as professional financial status is important to developing a good mental and physical health.
Financial stress and depression can negatively impact relationship functioning. Students experiencing financial stress and depression are often unable to maintain healthy interpersonal relationships. This can be particularly problematic in situations where there are clear cues of escalating conflict, such as abusive relationships or other similar scenarios.
Lack of emotional support from friends and family members may exacerbate these issues, as it makes a person feel less self-sufficient and thus more dependent on others.
Lack of clarity regarding effective stress management can contribute to feelings of depression and financial stress. A clear understanding of how different types of stress affect the body and mind is essential in combating and managing any type of depression.
Identifying and eliminating financial stress
This includes the full range of the physical, mental and emotional aspects of stress, and how those stresses can be managed and avoided. In many cases, having such clarity means that individuals are able to identify and eliminate sources of depression before they get out of hand.
It is important to recognize the role that one’s own financial situation plays in any stress and depression symptoms. A clear understanding of the role that money and finances play in a person’s life can lead to greater financial health.
By making an effort to maintain realistic spending expectations and living within a realistic budget, individuals can avoid the negative effects that financial stress and depression can have on the body, mind and spirit.
It is important to recognize the positive correlation between changes in spending behavior and depression. For example, individuals who are depressed may begin to use money wisely to cover personal needs rather than increasing their purchases.
By making a concerted effort to change their spending behavior, and replacing those destructive habits with healthier habits, a depressed person can begin to turn the situation around and improve his or her financial situation.
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