Research shows suicide rates are affected by decreased credit availability and rising interest rates.on Nov. 1, 2023, confirmed speculation that the long trajectory of persistent interest rate hikes would be paused. The Fed’s actions mean to curb inflation, which has strained consumers directly impacted by the rising costs of goods and services. Policymakers may have taken notice.
Personal financial well-being is intimately tied to mental well-being. Fluctuations in creditworthiness, an essential characteristic of any individual financial profile, have significant impacts on mental health. Arevealed correlations between decreases in creditworthiness and poor mental health outcomes. With no credit or less-than-excellent credit scores, negative financial circumstances often persist, which may exacerbate underlying mental duress and increase socioeconomic disparity.
Although rising interest rates meant to hold prices in check are associated with increased rates of suicide, inflationary pressure, itself, has a similar impact. Acalculated a 0.088% increase in suicide rates for every 1% increase in inflation.
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