COVID-19 creating emotional deficit for many

Economic crisis affects mental health, Chuck Bruce and Keith Dobson write.

There are two things people still hesitate to discuss openly: their mental health and their money problems. Yet, COVID-19 is threatening the livelihoods, investments and financial stability of countless households.

Right now, we’ve got to actively change our mindset. We need to get comfortable with having difficult conversations about our financial health and its far-reaching implications on our mental and physical well-being.

With more than seven million people applying for the federal government’s emergency response benefits, we shouldn’t be surprised at what a new Nanos poll (conducted for the Mental Health Commission of Canada) reveals: that financial worries are the primary reason nearly 25 per cent of us feel stress “all the time.”

But these high anxiety levels from the financial impact of COVID-19 don’t just temporarily threaten our mental well-being. Chronic anxiety can lead to more serious mental health problems, make existing problems worse, and even result in negative physical outcomes over the longer term.

When we’re thrown into a state of high anxiety, our bodies respond by flooding our system with cortisol, the fight-or-flight hormone. If our anxiety remains elevated, we’re at increased risk for high-blood pressure, indigestion, or chest pain. Our immune system is also weakened, which puts us at greater risk for colds and infections. Add in irritability, worry, and the lack of focus and sleep that often accompany anxiety, it’s no wonder people in the throes of economic turmoil struggle to cope.

So it is not surprising that, when participants were asked about the priorities for protecting mental health, nearly 30 per cent put “keeping the economy healthy” at the top of their list.

The good news is that, even in these trying times, people can take steps to build resiliency, decrease stress, and manage their mental health to help fend off more serious problems down the line.

First, it’s important to acknowledge that, for many, COVID-19 means unprecedented economic hardship. It is wreaking havoc with careers and businesses once considered bastions of security. We need to give people in those situations permission to grieve their loss and to validate feelings of anger, frustration and fear for the future.

Equally important is to remind everyone about the concrete things they can do to nurture their mental health during this period. While it may sound trite, staying connected within your networks, engaging in professional development, and taking advantage of the many free webinars geared to specific sectors can be helpful.

For people with investments, it is probably a good idea not to engage in obsessive monitoring. Speaking with your financial or banking adviser can help you make sure your decisions are rooted in logic, rather than emotion. We recommend you speak openly and honestly about your fears and current financial needs to help shed light on various measures available for those with reduced incomes.

This is also a good time to review your household budget. It may be that you need to reset your expectations, make contingency plans and have some frank family discussions, so you can all understand your situation and retain a modicum of control. At the same time, it’s an opportunity to teach kids and teens about finances. Offering age-appropriate responses to tightened purse strings is key to their future financial literacy.

Above all, don’t let shame — or stigma — prevent you from speaking to an appropriate professional who can advise you on matters of money or mental health.

COVID-19 is reminding all of us that our worth as people isn’t tied to our weekly paycheques. The bottom line, in this case, is very simple: let’s support one another through this, so we don’t come out in the red.

Chuck Bruce is CEO of Provident10 and board chair of the Mental Health Commission of Canada. Keith Dobson is a professor of clinical psychology at the University of Calgary and past president of the Canadian Association of Cognitive and Behavioural Therapies.