How does financial stability impact the mental health and well-being of low wage earners?
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Financial stability significantly influences the mental health and well-being of low-wage earners. Studies show that economic insecurity, such as negative economic shocks and job uncertainty, is associated with worsened mental health outcomes like depression and anxiety . Initiatives like the HudsonUP pilot have demonstrated that providing basic income can improve mental well-being by reducing stress and anxiety related to financial insecurity, enabling individuals to meet their basic needs and pursue opportunities . The COVID-19 pandemic has exacerbated mental health challenges for low-income groups due to financial uncertainty and job loss, leading to increased rates of anxiety, depression, and PTSD globally . Additionally, policies like the Nigerian naira currency redesign can impact psychological well-being by causing financial scarcity and affecting individuals' mental health during economic changes . Therefore, ensuring financial stability is crucial for promoting positive mental health outcomes among low-wage earners.
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| Papers (5) | Insight |
|---|---|
21 Jun 2023 | Financial scarcity, as experienced during the Nigerian currency redesign policy, significantly impacts the psychological well-being of individuals, especially low wage earners, leading to increased psychological distress and challenges. |
01 Jan 2020 124 Citations | Financial stability positively impacts the mental health and well-being of low-wage earners by reducing job uncertainty and identity disturbance, thus enhancing psychological well-being. |
| Financial instability due to factors like job loss and economic burden can exacerbate mental health issues such as anxiety, depression, and PTSD in low-income groups, leading to increased vulnerability. | |
16 Feb 2023 | Financial stability, provided by the HudsonUP basic income pilot, improves mental well-being by reducing stress and anxiety related to financial insecurity, enabling pursuit of education and career opportunities. |
| Financial instability due to economic shocks like income loss or family deaths negatively impacts mental health in low-income countries, highlighting the crucial link between economic hardships and mental well-being. |
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