Exploring the Impact of Economic Crises on Mental Health: Narratives from Affected Individuals

Abstract

This study aims to explore the impact of economic crises on mental health through the personal narratives of affected individuals. By examining their experiences, this research seeks to understand the emotional toll and coping mechanisms adopted during periods of financial instability, providing insights into the broader implications for mental health and well-being. A qualitative research design was employed, utilizing semi-structured interviews with 20 participants who experienced significant financial hardship due to economic downturns. Participants were recruited through purposive sampling from community centers, support groups, and online forums. Data collection continued until theoretical saturation was reached. The interviews were transcribed and analyzed using NVivo software, with thematic analysis identifying key themes and subthemes. Ethical considerations included informed consent, confidentiality, and anonymity. The study identified three main themes: Emotional Impact, Coping Strategies, and Perceived Support Systems. Participants reported increased anxiety, stress, depression, and feelings of shame and guilt. Coping strategies included seeking social support, financial management, avoidance, substance use, positive reframing, and physical activity. Support systems such as family, community resources, government assistance, workplace support, and online communities played a crucial role in mitigating the mental health impacts. These findings align with existing literature, underscoring the complex interplay between economic crises and mental health. Economic crises have a profound impact on mental health, exacerbating anxiety, depression, and other emotional challenges. Effective coping strategies and robust support systems are essential in mitigating these impacts. This study highlights the need for accessible mental health services, financial literacy programs, and strong social support networks to support individuals during economic downturns. Future research should focus on larger, diverse samples and integrate quantitative measures to further understand these dynamics.