Wealth and mental health – two things you know are linked but might not consider in tandem.
As per the stereotypes, poor people are depressed, and depressed people can’t work, making them poor.
Obviously these two statements are myths, but surprisingly they aren’t entirely unfounded - money affects your mental wellbeing more than you’d think.
Workers with depression or anxiety face a lifetime of lower earnings averaging up to 42 per cent less than their peers, according to the ECHR. This was put down to staff having to work part-time or having fewer qualifications.
The divide between the rich and poor is affecting us too. Epidemiologists* say mental distress is rising across the Western world as a result of uneven wealth distribution. Those at either end of the spectrum face increased stresses which are linked to a variety of illnesses, including bipolar disorder and addiction.
On top of this, Citizens’ Advice now say people with mental health conditions pay £1,550 a year more on essential services such as banking, energy and telecoms. Firms fail to provide customers with adequate support that allows them to shop around, so they end up paying more.
To make matters even worse – yep there’s more - the gender pay gap is contributing to increased rates of depression and anxiety. Women in England are twice as likely to be diagnosed with anxiety disorders than men, and researchers at Columbia University believe invisible forms of discrimination, i.e. lower wages, are partly to blame.
The reality is bleak. People living with mental health conditions are facing added forms of economic discrimination and extortion, and most aren’t aware.
Wealth redistribution probably isn’t the perfect solution, but one thing is for sure – mental health is widening the pay gap, leaving you both socially and economically bankrupt.