Europe UK (Commonwealth Union) – The severe implications of the Covid19 pandemic continue to emerge, even as people attempt to move on with their lives.
A new study from the University College London (UCL) has found that close to 1 in 5 adults with a history of mental health issues had indicated they fared much worse financially a year into the COVID-19 pandemic, when contrasted with 1 in 10 of those having no prior psychological problems in adulthood.
The study, examined the experiences of individuals in their 50s and 60s residing in Great Britain, observed that approximately 20 percent had increased levels of mental ill health throughout adulthood, and it was this group that had an increased likelihood of experiencing financial issues during the pandemic.
But, even individuals with no symptoms of mental health issues in decades had a 1 and a half times increased chance of indicating deteriorating financial circumstances, when contrasted with their peers with no prior psychological difficulties.
“The COVID-19 outbreak disproportionately affected the livelihoods and financial circumstances of adults with persistent mental health problems. However, those who had experienced symptoms of psychological distress more than 20 years ago also remained more susceptible to the economic shockwaves of the pandemic than those who never had mental health problems. This new study puts into focus the long-lasting impact poor mental health can have, and how abrupt economic events can heighten earlier vulnerabilities,” explained Lead author, Dr Vanessa Moulton of the UCL Centre for Longitudinal Studies.
Data from across the UK followed 14,000 adults in 1970 and 1958 who were tracked in a Cohort Study. The study contrasted how individuals with different histories of mental health in adulthood managed their finances between March 2020 and March 2021, when they were between 50 and 62 years old. Research participants were asked if their financial situation had got worse, improved or remained the same during the pandemic, if their employment status was altered, and the measures being taken to manage their personal finances. The study took into account other factors that may have impacted their mental health or financial circumstances, such as family socioeconomic status.
