Money-Related Stress Compromising Young Adults’ Mental Health

A survey conducted by Deloitte has found that many young individuals are experiencing high levels of stress. Of the total population surveyed, about 45% of Gen Z respondents and 40% of Millennials admitted to being stressed most or all of the time. The survey also highlights that high numbers in each group admitted that their financial future was a substantial source of this stress.

Financial stress is not a new thing. However, the increasing generational wealth gap complicates things. For example, the cost of purchasing a house today is much higher than the cost when people in our grandparents’ generation were purchasing houses, and this is after increasing salaries and inflation have been adjusted for.

Experts believe that this financial stress among young individuals may affect their mental health. In an interview, Israa Nasir stated that financial uncertainty could be a source of stress for any individual, but particularly for young people. Nasir, who is a mental health counselor, explained that financial stress and anxiety was particularly stressful to the Gen Z and Millennial generations due to the world we are currently living in.

She gave the example of how a couple of years ago, young people could purchase homes and live comfortably three years after finishing college, noting that this wasn’t a possibility currently, given the state of the financial markets and the economic climate.

Nasir added that rising housing prices, climate change, student debt and uncertainty brought on by the coronavirus pandemic have added to the financial stress of young people. Additionally, decent-paying job options for individuals without college degrees are limited as well, which can be seen in the high unemployment rates being observed among Millennials. This is different from a few decades ago, when individuals could get jobs fresh out of high school.

In addition to this, Nasir stated that young individuals faced societal pressures to establish the foundation of their careers and continue progressing to the next stage as years went by. She explained that this stage of life for individuals in the Gen Z and Millennial generations was driven by feelings of accomplishment and usefulness, and given that finances were a huge part of facilitating these changes, many young people suffered from anxiety because they couldn’t achieve those.

Nasir noted that not keeping up with expected milestones, such as going to college, getting a job and buying a home could affect an individual mentally, adding that living in a capitalist society, money was the solution for many things.

Whether due to money issues or other factors, the escalation of cases of mental health disorders around the world has given impetus to plenty of companies such as Mind Cure Health Inc. (CSE: MCUR) (OTCQX: MCURF) to search for novel treatments that can offer superior clinical outcomes to the patients who aren’t benefiting from the existing remedies.

NOTE TO INVESTORS: The latest news and updates relating to Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) are available in the company’s newsroom at http://ibn.fm/MCURF

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