Financial status and societal impact on mental health: A comprehensive review

This review paper explores the intricate relationship between financial status and mental health, highlighting how financial instability serves as a significant risk factor for various mental health disorders. The paper synthesises existing research to examine the pathways through which financial stress—manifested through low income, unemployment, debt, and financial strain—impacts mental well-being. It further investigates societal factors that influence this relationship, including social support systems, cultural attitudes toward financial hardship, and access to mental health services. Findings indicate that individuals facing financial difficulties are at a heightened risk for conditions such as anxiety and depression, often exacerbated by limited social support and inadequate mental health resources. The review also discusses effective interventions and policy recommendations to address these challenges, including integrating mental health services into social welfare programs and implementing basic income policies. By providing a comprehensive understanding of the interplay between financial status and mental health, this paper aims to inform policymakers and practitioners of the importance of addressing economic and psychological factors to improve mental health outcomes for financially vulnerable populations.