It’s not just your bank balance that suffers when you borrow money or spend too much. It also affects mental health and emotional well-being. Financial hardships and losses can have long-lasting effects on the mind, causing trauma and stress.
It’s not just your bank balance that suffers when you borrow money or spend too much. It also affects mental health and emotional well-being. Financial hardships and losses can have long-lasting effects on the mind, causing trauma and stress.
Money is a tool to gain security and identity and to meet basic needs. However, its deficiency or absence leads to under- or over-satisfaction of future needs. All these aspects affect money and human relationships.
Money is a tool to gain security and identity and to meet basic needs. However, its deficiency or absence leads to under- or over-satisfaction of future needs. All these aspects affect money and human relationships.
“People’s relationships with money and their spending patterns say a lot about their childhood and how well their needs were met,” explains clinical psychologist Dutima Sharma, co-founder of Orange Owl Percepts. Lack of money often leads to anxiety and mental health problems called financial trauma.
“People’s relationships with money and their spending patterns say a lot about their childhood and how well their needs were met,” explains clinical psychologist Dutima Sharma, co-founder of Orange Owl Percepts. Lack of money often leads to anxiety and mental health problems called financial trauma.
“There are two to three patterns of financial trauma, one when you have money and the other when you lose it. Failure to achieve the goals you set for yourself to earn money also causes anxiety and trauma.The unemployed and underemployed are the biggest victims,” says Dr. Kakori Roy, a Bhopal-based psychologist.
“There are two to three patterns of financial trauma, one when you have money and the other when you lose it. Failure to achieve the goals you set for yourself to earn money also causes anxiety and trauma.The unemployed and underemployed are the biggest victims,” says Dr. Kakori Roy, a Bhopal-based psychologist.
Effects of economic trauma
One of the effects of economic trauma is an inferiority complex. People are facing mental hardships because they are not getting jobs or earning the income they expected.
Effects of economic trauma
One of the effects of economic trauma is an inferiority complex. People are facing mental hardships because they are not getting jobs or earning the income they expected.
“Everyone earns well, but I don’t. When this comparison comes in, the trauma sets in. Trauma is emotional, but because of the expectations of comparison and dependence, trauma happens for economic reasons.”
“Everyone earns well, but I don’t. When this comparison comes in, the trauma sets in. Trauma is emotional, but because of the expectations of comparison and dependence, trauma happens for economic reasons.”
Dr. Kakori Roy explains that a person’s financial dependence not only affects their personality, but also their financial decisions. “Financial dependence limits an individual’s ability to make financial decisions on their own. If a woman with no income wants to go to a parlor or buy something, she is reluctant to ask, or at least think about, her husband or parents before making such a decision.
Dr. Kakori Roy explains that a person’s financial dependence not only affects their personality, but also their financial decisions. “Financial dependence limits an individual’s ability to make financial decisions on their own. If a woman with no income wants to go to a parlor or buy something, she is reluctant to ask, or at least think about, her husband or parents before making such a decision.
In extreme cases, financial trauma often leads to suicide. Cases of farmer suicide due to crop damage or loss are the result of economic trauma. Struggling with debt and facing crop loss, farmers feel helpless. “The lack of money leads to untreated trauma, which often leads to depression and suicide,” Dr. Roy says.
In extreme cases, financial trauma often leads to suicide. Cases of farmer suicide due to crop damage or loss are the result of economic trauma. Struggling with debt and facing crop loss, farmers feel helpless. “The lack of money leads to untreated trauma, which often leads to depression and suicide,” Dr. Roy says.
Shame and avoidance are also consequences of financial trauma. People who lose their hard-earned money in business or gambling often feel so guilty that they are unable to talk about it. In such cases, people tend to fall into alcoholism and drug addiction as well.
Shame and avoidance are also consequences of financial trauma. People who lose their hard-earned money in business or gambling often feel so guilty that they are unable to talk about it. In such cases, people tend to fall into alcoholism and drug addiction as well.
Trauma can also lead to low self-esteem and self-doubt. An example of this is the case of a young boy who wanted to pursue a career in music but was unable to because of the loss of his father’s business due to the COVID-19 pandemic. He finally gave up on his dream to support his family. Gradually his financial difficulties began to affect his relationships with friends and partners, recalls Dutima Sharma.
Trauma can also lead to low self-esteem and self-doubt. An example of this is the case of a young boy who wanted to pursue a career in music but was unable to because of the loss of his father’s business due to the COVID-19 pandemic. He finally gave up on his dream to support his family. Gradually his financial difficulties began to affect his relationships with friends and partners, recalls Dutima Sharma.
How to deal with economic trauma?
Except work hard to make more money. Dr. Roy believes the best way to deal with the anxiety and emotional stress of the financial situation is to talk about it. “If you’re not achieving what you’re hoping for financially, try shifting your focus to spiritual accomplishments and other things,” she said.
How to deal with economic trauma?
Except work hard to make more money. Dr. Roy believes the best way to deal with the anxiety and emotional stress of the financial situation is to talk about it. “If you’re not achieving what you’re hoping for financially, try shifting your focus to spiritual accomplishments and other things,” she said.
Another way is to talk to your friends and share your feelings. No matter how bad you feel about yourself, whether it’s work or spending, it’s always a good idea to talk about it.
Another way is to talk to your friends and share your feelings. No matter how bad you feel about yourself, whether it’s work or spending, it’s always a good idea to talk about it.
Instead of isolating yourself from the rest of the world, it’s better to get out of the house, meet new people and experience new things.
Instead of isolating yourself from the rest of the world, it’s better to get out of the house, meet new people and experience new things.
No matter what people thought of themselves before, the best way to perform well in the current situation is to adapt and moderate your expectations accordingly. “Easing expectations doesn’t happen in a day. For this to happen, people need to go out, explore, and test existing resources.
No matter what people thought of themselves before, the best way to perform well in the current situation is to adapt and moderate your expectations accordingly. “Easing expectations doesn’t happen in a day. For this to happen, people need to go out, explore, and test existing resources.
How much is being talked about in India about economic trauma?
Given the extent of the importance of mental health issues in India, healing, or even acknowledging, economic trauma seems a distant tale. Sometimes people don’t even realize that they are facing trauma because of money in their daily lives.
How much is being talked about in India about economic trauma?
Given the extent of the importance of mental health issues in India, healing, or even acknowledging, economic trauma seems a distant tale. Sometimes people don’t even realize that they are facing trauma because of money in their daily lives.
“People often come to us and talk about what is causing them mental stress and emotional difficulties.
“People often come to us and talk about what is causing them mental stress and emotional difficulties.
