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JAM | Aug 11, 2022

Mental health and inflation: How to reduce financial stress

Tamoy Ashman

Tamoy Ashman / Our Today

Reading Time: 2 minutes

As the days go by, looking at the total for any bill becomes harder. Things that were once affordable have become unattainable, leaving many to readjust their budget.

Inflation is a word that many Jamaicans, and even those globally, have come to know.

The International Monetary Fund defines inflation as “the rate of increase in prices over a given period”.

According to Kara Nassour, a licensed professional counselor, inflation has two main effects on mental health: financial stress and uncertainty.

The Statistical Institute of Jamaica (STATIN) has reported that the rate of inflation increased by 0.3 per cent for May 2022. The increase was primarily attributed to the increased costs for food, beverages, alcohol, restaurants and accommodation services.

Full shelves with fruits are pictured in a supermarket during the spread of the coronavirus disease (COVID-19) in Berlin, Germany, March 17, 2020. (Photo: REUTERS/Fabrizio Bensch/File)

Among this list are the basic things that we need to survive.

Our Today spoke with Associate Clinical Psychologist Laurice Palmer, who confirmed that financial uncertainty can affect mental health.

“When persons are not able to afford the cost of living or are feeling financial constraints, they tend to feel overwhelmed or stressed,” said Palmer.

She also made note of Maslow’s hierarchy of needs.

American Psychologist Abraham Maslow.

Abraham Maslow was an American psychologist who believed that people have an inborn desire to be their best selves. If they cannot acquire their basic needs, he believed that would have an effect on their mental health.

“If inflation is going to be affecting how you are going to live, then naturally it is going to affect your mental health,” noted Palmer.

How to reduce financial stress

While speaking with Our Today, Palmer gave some tips that can help release financial stress from a psychological perspective.

Here are a list of psychological tips that you can use.

  1. Seek help from a mental health professional
  2. Tap into support systems (family members or friends)
  3. Have pre-planned relaxation and coping techniques ready and use them when needed. Some techniques include going for a walk,

Palmer also suggested some financial tips

  1. Create a budget
  2. Seek additional income
  3. Cut down on unnecessary spending
  4. Where possible, avoid debt

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