Healthcare

Economic Stress & Suicide: How financial troubles can drive you to the end

Updated : July 31, 2019 08:02 AM IST

Financial loss can have catastrophic effects on mental health and relationships.

Financial and housing distress also increases the risk of suicide. According to a study, economic crises are associated with increased suicide rates, especially in countries with weaker labour market programs.

Economic Stress & Suicide: How financial troubles can drive you to the end

“I just can’t take it anymore.”

These are usually the last thoughts when someone decides to take their own life. From successful businessmen to celebs to sports stars, we have seen several powerful personalities swallowed by their depths of despair.

The recent case being that of Cafe Coffee Day (CCD) founder VG Siddhartha, whose body was found near Netravathi river in Karnataka, reported CNN-News18.

In his last letter to CCD staff, Siddhartha mentioned about his financial struggles and his failed business model. This forces us to ponder over whether there's any connection between economic stress and mental health.

Financial loss can have catastrophic effects on mental health and relationships, and even physical health. Some of the most well-established consequences of major financial losses involve mental health, according to health experts.

"Loss of job or any financial crisis can drive people into committing suicide. In today's economic world, a lot of people take debts but they don't know how to move the money around", Dr Rizwana Nulwala, a Mumbai-based practising psychotherapist at Krizalyz Counselling, told CNBCTV18.com.

Financial strain, health issues, and stress at home and work were all contributing factors.

According to Dr Nulwala, men are more likely to die by suicide, but women are more likely to attempt suicide.

"Among men, rates of execution of suicides is higher whereas in women, attempting suicides is higher," she said.

Suicide is rarely caused by a single factor. Although suicide prevention efforts largely focus on identifying and providing treatment for people with mental health conditions, there are many additional opportunities for prevention.

As per a Vital Signs report by the Centers for Disease Control and Prevention, more than half of people who died by suicide did not have a known diagnosed mental health condition at the time of death. Relationship problems or loss, substance misuse; physical health problems; and job, money, legal or housing stress often contributed to risk for suicide.

The World Health Organization reports about 800,000 suicide deaths worldwide each year. Breaking down the taboo of suicide and mental illness is key in prevention and treatment.

Everyone can help prevent suicide, says Dr Nulwala.

Never leave people at risk of committing suicide

Reduce access to lethal means – such as medications, knives, scissors and firearms – among people at risk of suicide

Keep the person calm and distract him/her by talking as frequently as possible

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