Financial insecurity and women’s mental health

At this period across the world, especially in Nigeria, many people are going through a lot and women are not exempted. Indeed, the world as we know it has ceased to exist and we all are living new realities at this perilous time. Women, as usual have become more vulnerable than before, making the little income coming into the family count in the face of rapid and continuous rising inflation and acute recession.

Indeed, the Covid-19 pandemic has made matters worse for many as it has not only created a threat to the life of families but has also led to job insecurity. And while every worker has to contend with this reality, women have become more prone to crisis.

This has led to a lot of issues that is taking a huge toll on the mental health of women as they are more likely to bear the brunt of feelings of financial insecurity than men. There is indeed a link between financial insecurity and mental health in women and this has been recognised by established research institutes.

Some believe that women are more vulnerable because generally, women are lower earners and have a lot of responsibilities within the home and extended family as well as the society, making them to have less savings and more financially insecure than men.

The importance of financial independence and security cannot be overemphasised. No matter how minimalistic a person is, she still requires money to meet basic needs like feeding, shelter, health, care of elderly relatives and a lot of other responsibilities. And while money worries affect every individual emotionally, mentally and even physically, women exhibit more dangerous emotions like anxiety, low self-esteem, anger, frustration, fear, guilt, shame, all a precursor to serious mental health conditions.

In so far as no one is immune to financial insecurity, women need to work out ways of protecting their health so they can be strong for themselves and their family. It has been advised that women must, as a matter of necessity, take their emotional well being and mental health as a priority.

Advocates have advised that women should educate themselves on how to plan and manage their finances and take advantage of benefits from employers or sales by focusing on priority and avoiding sentimental responsibilities.

Women must exploit all forms of free financial education and have a mind that can differentiate needs from wants because no knowledge is wasted. Also, there is a need for women to be intentional in taking financial decisions and understanding financial protection opportunities across all sectors.

Many women also need to know that they cannot commit financial suicide in a bid to impress people that do not matter and while many of their peers also face financial insecurity, women should be conscious that there is no ‘one size fits all’ solution and should assess their situation and adopt a system of financial balance that suits their life and family.

While everyone wants others to think they are in charge of their affairs and are having a smooth life, it is important for anyone going through issues to open conversations about personal finance challenges so they can learn from others how they create a balance. There is a need to share different experiences of mental or emotional stress caused by financial insecurity.

The link between money and mental health should be a conversation taken serious by women groups and gender platforms. It is not wise to keep quiet when financial insecurity is taking a toll on your mental health as the longer it goes on, the deadlier the effects.

Nothing surpasses better budgeting and cutting off unnecessary or wasteful spending irrespective of how little the income is. A good budget when conscientiously followed helps to keep fear at bay and lessen feelings of money-related anxieties.

It is a fact that no one has it all but some people do better with the little they have. Do not kill yourself with financial anxiety while trying to impress people that really do not care.

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