Financial stress and pressure have been found to be two of the main factors that affect the mental health of many South Africans, more so in a continuously unpredictable economy with the ever-increasing cost of living
.
In a world where we face mounting financial pressure, it becomes increasingly difficult to stick to the confines of our budget and keep our spending in order. Rising interest and inflation combined with skyrocketing fuel costs have knocked the finances of South Africans, leading to a rise in debt as consumers increasingly turn to credit to make ends meet.
"When parents can no longer afford things like giving them pocket money to go out, they end up isolating themselves because they do not have money to do this. People are suffering from anxiety and depression because of the effects financial burdens have on their mental capacity and wellbeing.
Research conducted by the Money and Mental Health Institute in the United Kingdom said the link between mental health and stress – often caused by money troubles - were closely intertwined,"with almost half of those categorised as facing problem debt also grappling with a mental health issue, while 86% of respondents with experience of mental health problems said that their financial situation had made their mental health worse".