Europe UK (Commonwealth Union) – Financial insecurity and mental health are two interdependent aspects of human well-being that significantly impact individuals and communities worldwide. The complex relationship between these factors forms a vicious cycle, where financial instability can contribute to mental health challenges, and poor mental health can, in turn, exacerbate financial insecurity.
The uncertainty of finances can stem from various factors, such as unemployment, low income, mounting debt, or unexpected expenses. The resulting stress, anxiety, and fear associated with financial insecurity can have severe consequences for mental health.
A new study conducted by the University College London (UCL) researchers has found that children facing continuous poverty and whose families depend on food banks have an increased chance of obtaining lesser GCSE (General Certificate of Secondary Education) results.
Students from these families obtained half a grade lesser per subject than expected, even taking prior grades as well as other aspects of household finances into consideration. The authors point out that this is concerning in regard to the long-term effects of the economic crisis.
Observations were also made in the study that just above 81 percent of parents and over half 54 percent of young people in families finding difficulties with their finances indicate poor mental health. This was with 1 in 10 young people residing in households regarded as ‘food insecure’, indicating that they lack reliable access to sufficient economical as well as healthy food.
The report, appearing in the Sutton Trust, noted that rates of poor mental health were specifically negative for individuals who had their financial situation further deteriorate since the pandemic.
The lead author of the study Dr Jake Anders, Deputy Director, UCL CEPEO (Centre for Education Policy & Equalising Opportunities), says “The mental health and life chances of young people and their parents are being dramatically affected by post-pandemic cost of living pressures. And these impacts are likely to be long-lasting, given the seeming link between food insecurity and performance in exams.”
