Recessions have an inevitable impact on mental wellbeing, with joblessness and general economic pessimism having wide-ranging consequences. A recent study from the University of Montreal shows that men are more prone to suicide in the wake of economic crises, and urges policymakers to bolster mental health support to ensure this doesn’t happen.

While men were found to be at particular risk of suicide, the study also shows that women were vulnerable to poor mental health outcomes in general. These negative outcomes were especially likely when governments cutback on social spending.

Negative impact

The researchers assessed around 100 previous studies that looked at the impact of economic crises on emotional and mental wellbeing.

“The studies included in our review show the long-term repercussions of financial crises and highlight the crucial and urgent need for social support and welfare systems to safeguard the mental health of individuals,” the researchers explain. “By addressing the distinct needs of various groups and populations, policymakers have the instruments to mitigate the mental health impact of financial crises and build a more resilient society.”

The researchers checked out 98 studies from around the world until November 21, 2022, mostly from Europe, then North America, Asia, and Australia.

They studied global events from 1990 to 2017, like the big 2008 financial crisis, the Greek debt crisis in 2007, and others in Asia and Europe. They also looked at times of economic problems, cutbacks, and banking crises.

The lowest point

Most of their focus was on how these financial messes affected people thinking about suicide. Some also looked at how it affected feelings of sadness and worry, and a few checked out other things like stress, happiness, and how well people slept.

What they found was that suicide rates usually went up during and after financial crises, especially for guys. Certain jobs, like manual labor, saw more risk.

But here’s the twist: while suicide rates went up for both men and women, attempts at suicide went up for both genders too.

Some countries didn’t see much change in suicide rates, maybe because they had strong support systems. If more people were out of work after a financial mess, it was likely that more people would feel sad or anxious.

Surprisingly, having a job after a crisis didn’t mean you were safe from mental health problems. The study said heavy workloads and less money could still hit your mental health, even if you had a job.

Worsening inequality

The study also talked about how financial crises make gender differences worse. For example, women often end up taking care of others, and men are seen as the main earners.

The study found more people, especially women and those with less money, going to the hospital for mental health problems. Oddly enough, fewer unemployed folks were reaching out for mental health services, maybe because they couldn’t or didn’t want to ask for help and ended up in the hospital instead.

“What’s needed is enough funding from governments to reinforce health care systems, especially mental health services,” the researchers conclude. “People will then get the support they need when countries are in financial meltdown.”