Latest News Latest Statistics on Economic Impact of Covid 19Read More
Statistics

33 Fascinating Money and Mental Health Statistics That Need to Know in 2021

13 Mins read

Stress may be brought on by a variety of factors, including a financial crisis. Debt may result in social stigma, which can lead to a sense of social isolation. When individuals who are facing financial problems are compelled to make cuts in their fundamental necessities, such as food, their mental health may suffer as a result. If debt collectors pursue financially disadvantaged people in an aggressive and insensitive manner, the situation will deteriorate.

The management and treatment of mental health issues impose a significant financial burden on the families and people who are affected. A significant amount of money is spent on doctor’s consultations and the purchase of pharmaceuticals.

Learn about the connection that exists between money and one’s mental health in this informative article. You will learn about the effect that a lack of financial resources has on the mental health of the people involved.

Horrifying Money and Mental Health Statistics

There is an awful link between financial well-being and psychological well-being. Financial problems have a detrimental impact on the mental health of those who are experiencing them. In the following frightening facts, you will see disturbing figures relating to money and mental health conditions.

  • 46% of individuals in problem debt have mental health problems. (Money and Mental Health)
  • 86% of the people who had experienced mental health problems linked their financial situations with the exacerbation of their mental health problems. (Money and Mental Health)
  • 18% of individuals with mental health problems are also in problem debt. (Money and Mental Health)
  • Mental health problems worsened the financial situation of 72% of individuals who took part in the Money and Mental Health survey. (Aspeninstitute)
  • 16% of those who commit suicide do so in response to a financial problem. (Best Money Moves)
  • 90% of Americans associated money with their stress levels. (Best Money Moves)
  • 64% of the Americans who were 18 years and above were treated for depression in 2018. (SAMHSA, 2019)

Effects of Financial Difficulties on Mental Health Statistics

Statistics in this section will reveal how experiencing financial difficulties affects the life of concerned individuals.

1.  A 2007 study found that 15.6% of US University students exhibited either depressive or anxiety disorder.

(Source: NCBI)

The students who took part in this poll were individuals who had had financial difficulties throughout their studies, such as not being able to pay tuition fees or purchase personal needs. Many University students’ mental health suffered as a result of a lack of financial resources.

2.  A study done by Richardson et al in 2013 found that 41.7 percent of the people with a mental health disorder were in debt compared to 17.5 percent who were free of debt.

(Source: NCBI)

There are many variables that may contribute to mental disease, but debt is a major cause of mental health disorders for a large number of individuals. The majority of individuals who suffer from mental illnesses owe money that they have not been able to pay.

3.  15.5% of those in debt exhibited mental health problems compared to 8.9% who were debt-free.

(Source: NCBI)

The majority of those suffering from mental illnesses were in debt. Depression, drug dependency, and suicide attempts have all been linked to financial stress, according to research.

4.  35% of those who claim housing benefits have common mental disorders such as general anxiety disorder or depression.

(Source: Money and Mental Health)

A third of those experiencing housing difficulties suffer from common mental illnesses. When fundamental necessities such as shelter and food are not met, it may result in sadness or anxiety in the individual.

5.  A study by Jama found that people with an annual income of 20000 USD and below were more prone to mood disorders than those with an annual income of 70000 USD or more.

(Source: Jama Psychiatry)

The study’s participants were followed up with for a period of three years after they completed it. The amount of a person’s wealth was shown to be linked with the likelihood that each individual will acquire mental problems in the future. People with low earnings were more likely than those with higher incomes to suffer from mental health problems.

6.  In 2021, 34% of respondents in a Pew survey were highly distressed due to the threat caused by Covid-19 to their financial situation compared to 28% who were distressed over their health.

(Source: Pew Research)

In 2021, individuals were more concerned about their endangered financial circumstances than they were about their health. This indicates that individuals are more concerned about their financial stability than they are about their physical health.

7.  40% of those who said that they were distressed were worried about their daily bill payments in comparison to 44% who were worried about their poor financial situation.

(Source: Pew Research)

When asked about their financial concerns, the vast majority of individuals who indicated concern expressed concern more about their endangered financial position than they did about their capacity to fulfill their daily necessities. In this case, it is an indicator that many Americans are suffering from mental disorders as a result of their anxiety about their financial stability. 34 percent of individuals who said that their endangered financial position was a source of concern were suffering from severe psychological anguish as a result of their statements.

8.  31% of young adults aged 18 to 29 years from families with low income were psychologically distressed.

(Source: Pew Research)

Young adults from lower-income families were more prone to mental health disorders than those from high-income families.

Effects of Mental health problem on personal finances

People who suffer from mental illnesses are also more likely to have financial problems. They are less likely to be employed, and those that are working are more likely to be in low-wage positions. The statistics in this part deal with the facts regarding how mental health issues may have an impact on one’s financial situation.

9.  43% of those with mental health disorders are employed in comparison to 65% with other health disorders and 74% of the general population.

 (Source: Money and Mental Health)

People who suffer from mental illnesses are less likely than the general population to be employed. The majority of those individuals are employed in low-wage occupations, with some working part-time or on a temporary basis. More than half of people suffering from mental illnesses do not have a source of income, leaving them reliant on family or social services for support.

10.  47% of people aged between 16 and 64 years with mental disorders received out-of-work benefits.

(Source: Money and Mental Health)

Close to half of the individuals with mental health problems received out-of-work benefits, indicating that they were unable to maintain a steady job for an extended period of time. The majority of individuals who suffer from mental illnesses are unable to maintain a steady job all of the time.

11.  66% of the people with mental health disorders claim Employment and Support Allowance

(Source: Money and Mental Health)

People suffering from mental health problems account for two-thirds of those seeking the benefit, which is intended for individuals who are unable to work due to ill health or disability. The majority of individuals suffering from mental illnesses are not in gainful work, and as a result, they seek for Employment and Support Allowance.

12.  Mental health problems affect people’s financial decision-making process and spending patterns.

(Source: Money and Mental Health)

The majority of individuals with mental illnesses overspend when they are sick; 92 percent are unable to make good financial choices; 74 percent postpone bill payments; 71 percent evade creditors; and 56 percent take out loans that they would not have accepted if they were mentally well.

Money in Management of Mental Health Disorders

In this part, we will look at statistics that relate to mental health treatment, management, and the amount of money necessary to guarantee that mentally ill individuals get the care they need.

13.  More than 26 million mentally ill individuals go untreated in the US.

(Source: Mental Health America)

Twenty-six million Americans suffering from mental illnesses do not have access to medical treatment. This covers individuals suffering from mental illnesses from all socioeconomic backgrounds in the United States.

14.  Of the adults suffering from mental health disorders, 57% receive no treatment at all.

(Source: Mental Health America)

More than half of mentally ill adults in the US don’t get treated for mental illness. This means that such people live with their ill mental situations which in the long run affect their productivity.

15.  86% of the people with insurance health cover did not get mental health care.

(Source: Mental Health America)

It is surprising to discover that close to 90 percent of mentally ill persons did not get therapy while having insurance coverage, despite the fact that those without health coverage are less likely to receive treatment. Having medical coverage does not ensure access to mental health services, as shown by this example.

16.  10.8% of more than 5.1 million adults who were mentally ill were uninsured.

(Source: Mental Health America)

There are 550800 mentally sick individuals who are not covered by insurance. If it is difficult for individuals with insurance coverage to get medical care, it is much more difficult for those who do not have insurance coverage.

17.  23.6 percent of mentally ill adults said that they were unable to get the needed treatment.

(Source: Mental Health America)

Some mentally ill people were not able to get the care that they required.

18.  28.69% of mentally ill adults could not visit a doctor because of the financial costs involved.

(Source: Mental Health America)

Nearly 30% of mentally ill people fail to get care because they could not afford to pay for medical expenses.

19.  Only 40.4% of the youth who were mentally depressed received any mental health treatment.

(Source: Mental Health America)

A little more than half (59.6 percent) of depressed adolescents were unable to get any kind of mental health care for their illness. Only 27.3 percent of those who visited the doctor between seven and twenty-five times a year were able to get consistent care, despite the fact that some received some kind of therapy.

(Source: Mental Health America)

20.  Of those who were screened in 2020, 50% had a household income of below $40000 compared to 52% in 2019.

(Source: Mental Health America)

There was a slight reduction in the number of people screened in 2020 with family incomes of less than forty thousand USD.

21.  More than 24% of people with above 80000 USD household incomes were screened in 2020 compared to 22% in 2019.

 (Source: Mental Health America)

The number of individuals who were screened in 2020 was somewhat higher than the number of people who were tested in 2019. In certain cases, this may be related to the ambiguities surrounding the Covid-19 epidemic.

22.  Of 1,158,429 people screened in 2020 74% had between moderate and severe scores for the mental health condition they screened for.

(Source: Mental Health America)

The vast majority of individuals who underwent screening for different mental health problems were found to be healthy. This implies that the vast majority of them had acquired mental health problems.

23.  The World Health Organization estimates that each dollar that is invested in mental health generates a 4 USD return on investment.

(Source: World Bank)

When money is spent on mental health management, it is a wise investment since the improved productivity of those engaged results in a four-fold return on that investment.

24.  In 2013 187.8 billion USD was spent on both mental health and substance abuse in the US.

(Source: Single care)

The expenses of medication and treatment go into the hundreds of dollars. The treatment of depression accounted for 70 billion dollars of the total expenditure in this figure.

25.  For effective treatment of depression and anxiety, about 147 billion USD needs to be invested between 2016 and 2030.

(Source: Lancet Psychiatry)

Based on current estimates, if this money is invested, it will result in a 5% increase in productivity, which would result in a 339 billion USD increase in economic output.

26.  Improvement of mental health treatment increases healthy life years in the scale-up period valued at the present net of 310 billion USD.

(Source: Lancet Psychiatry)

Increasing the effectiveness of mental health treatment will result in greater economic benefits since it will improve the number of productive years that might have been lost as a result of mental disorders.

27.  Improved depression treatment will lead to 230 billion USD economic gains while that of anxiety disorders will help generate 169 billion USD.

(Source: Lancet Psychiatry)

Scaling up common mental disorders will result in immense productivity gains.

28.  A study by pub Med found out that treatment of uninsured mentally ill people was lower than that of the ones under Medicare.

(Source: Pub Med)

This table shows the difference in treatment costs between those in Medicare and the uninsured mentally ill people:

 Mental conditionMedicare TreatmentDaysUninsured TreatmentDays
1Schizophrenia$850911.1$57077.4
2Bipolar disorder$75939.4$43565.5
3Depression$69908.4$36164.4
4Drug use disorder$45915.2$34223.7
5Alcohol use disorder$59086.2$41473.8

29.  A study done on  1066 Americans in 2020 revealed that each month respondents spent 147.7 USD on therapy or/and counseling and  7.30 USD on mindfulness apps as a way of caring about their mental health

(Source: Self)

Americans were concerned about their mental health in 2020, and as a result, they spent a significant amount of money on counseling and mindfulness applications such as Headspace, which costs 13 USD per month, and Calm, which costs 6 USD per month, among others. That the majority of Americans are worried about their mental well-being is shown by this statistic.

30.  People spend 147.70 USD a month on counseling and/or therapy in comparison to 103.10 USD spent on physical well-being.

(Source: Self)

Exercise, personal trainers, and nutritional supplements account for about $103 of the total amount spent on physical health by Americans each year. They, on the other hand, spent $147 on therapy/counseling as well as applications that were supposed to help them relax. When compared to physical well-being, this expenditure pattern demonstrates the importance that individuals place on their mental well-being. It may also suggest that individuals were more concerned with their mental health than with their physical condition at the time.

31.  51.6% of the Americans used cable TV and streaming services, 48% socialized with friends and 44% listened to music as indirect methods of caring for their mental health.

(Source: Self)

Other indirect ways of caring for one’s mental health were used by those who needed it. They spent the bulk of their time watching cable television and using streaming services such as Netflix, followed by socializing and listening to music. A significant amount of money is spent by people to indirectly care for their mental health via forms of entertainment and leisure.

They said that they spent an average of 132.0 USD on these indirect goods that they use to care for their mental health, according to the survey participants. This does not include the 1074.90 USD in vacation expenses that respondents incurred.

32.  On average the monthly cost incurred in taking care of mental health is $287.

(Source: Self)

Counseling, therapy, and mindfulness apps are examples of things that respondents spent money on that had a direct impact on their mental health. The figure in this statistic includes costs that respondents spent money on things that had an indirect impact on their mental health, such as books and magazines. It does not include the 81.7 USD spent on medication and the 103.10 USD spent on physical well-being that are included in the cost.

33.  People also emotionally spend an average of $114.32 weekly which translates to $6000 annually to feel happier.

(Source: Self)

According to the findings of this research, 77 percent of respondents admitted to engaging in some kind of emotional spending just to feel better. The most frequent types of emotional spending that they engaged in were as follows: 49 percent spent money on items they didn’t need simply to feel better, 43.1 percent spent money exploring shops for escapism, and 30 percent spent money on impulsive purchases that they subsequently regretted.

Final Thought

As a result, mental health issues impair the functioning of our brains, which has an impact on our behavior and ability to communicate our emotions. It is difficult for individuals to manage their money efficiently as well as to make successful business transactions as a result of the symptoms that accompany mental illnesses, leaving us more vulnerable to financial problems.

Mental health problems make it difficult to interact with critical services as well. Performing financial transactions, memorizing account numbers, and comprehending invoices are all tough tasks for individuals suffering from mental illnesses. These problems and distresses may have a negative impact on your financial situation.

It is possible for people who have excellent financial standing to suffer a dramatic decline in their financial situation if they acquire mental health problems. If they do not make sound financial choices, they may experience an unanticipated decrease in their net worth. It also has a negative impact on their productivity, resulting in a decrease in their earnings. Some people are unable to work as a consequence of mental disorders, which has a negative impact on their financial position.

It is also clear from the data presented in this article that individuals who live in homes with low earnings are more likely than those who live in households with high incomes to suffer from mental illnesses. The inability to get the basics of life due to a lack of financial resources leads to poor mental health.

A significant amount of money is spent on the prevention, diagnosis, and treatment of mental illnesses. Mental illnesses need a great deal of financial resources to treat and manage. According to studies, therapy for individuals who have health insurance is more expensive than care for those who do not. Individuals with insurance coverage, on the other hand, are often unable to get therapy, indicating that having insurance coverage does not ensure that mentally ill people will receive treatment.

FAQ

Q: What is the meaning of mental health disorder?

The disease known as mental disorder (also known as mental illness) affects the way individuals think, feel, and behave in a variety of ways. This disease may be either chronic or intermittent in nature. Mental illnesses have an impact on our ability to interact with people and operate on a daily basis. Anxiety, sadness, bipolar illness, eating disorders, psychotic diseases, and stress are just a few examples of mental problems.

Q: What are some causes of mental health disorders?

Answer: Mental illnesses are not caused by faults or deficiencies in one’s character. Many variables, on the other hand, increase one’s risk of developing mental disorders. Family history, life events, biological variables, brain damage, medications, social isolation, and loneliness are all examples of such influences.

Q: What is the meaning of the term mental health?

Answer: Mental health refers to a condition of well-being in which people are aware of their talents, allowing them to handle stress, work effectively, and make a positive contribution to society.

Q: Can lack of money affect mental health?

Answer: Money is a very essential part of our lives. It allows us to get food, clothes, housing, educational opportunities for our children, and high-quality medical treatment. Money difficulties place us in circumstances that may lead to a range of mental health issues, including depression and anxiety. The inability to earn a living and the accumulation of debt may result in common mental illnesses such as sadness and anxiety.

Q: How does money-related stress affect mental health?

Answer: Although financial issues may contribute to poor mental health, poor mental health can also contribute to financial troubles. This connection results in a vicious loop that is difficult to stop. In this vicious cycle, mental illnesses make it difficult for individuals to earn and manage money, causing them to become indebted as a result. The debt leads to isolation and loneliness, which makes it much more difficult to earn a living, resulting in more debt and the accumulation of prior loans. Increased debt is accompanied with a rise in financial difficulties.

The people trapped in this cycle exaggerate even the most little events, making them seem insurmountable obstacles from which they lose hope and fall into despair, which may even lead to suicide.

Sources

Money and Mental Health

Aspen institute

Best Money Moves

SAMHSA, 2019

NCBI

Jama Psychiatry

Pew Research

Money and Mental Health

Mental Health America

World Bank

Single care

Lancet Psychiatry

Pub Med

Self

Related posts
Statistics

31 Fascinating Money Management Statistics Need to Know in 2021

12 Mins read
Statistics about money management will be discussed in this article. These data will assist financial advisors in providing good, well-informed advise to…
Statistics

19 Tourists Spending Statistics: What Tourists In America Spending On?

11 Mins read
What is tourism? When a person travels to a new location for the sake of adventure, pleasure, or exploration, this is referred…
Statistics

14 New Movers Spending Statistics To Know Just Before Your Next Move

11 Mins read
Are you a newcomer to the city who needs a place to stay? Are you looking for a good home to live…
Power your team with InHype
[mc4wp_form id="17"]

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *