Bankruptcy & Suicide

Financial hardship can significantly impact mental health, and suicide risk is one of the devastating consequences. Let’s delve into this topic:

1. Research Findings:

• A study published in the American Journal of Epidemiology highlights that financial strain is a significant risk factor for both suicidal ideation and suicide attempts 1. People who have recently faced severe financial difficulties may have a 20-fold higher risk of attempting suicide compared to those who haven’t encountered such hardships.

• The researchers conducted their study before the COVID-19 pandemic, but they emphasize that the pandemic’s impact on economies could exacerbate suicide risk due to financial instability 1. As millions of people experience economic hardship resulting from work disruptions, the concern for suicide rates grows.

1. Recent Data:

• Between 2018 and 2020, over 16,000 people died by suicide due to bankruptcy or indebtedness, while 9,140 suicides were linked to unemployment during the same period 2.

• Suicides related to bankruptcy, indebtedness, or unemployment increased by 43% from 2018 to 2020 2.

1. Addressing the Connection:

• Policymakers and clinicians must recognize that income and employment play crucial roles in suicide prevention. Simply considering these factors is necessary but not sufficient. It’s essential to explore how people manage their income 1.

• While the ultimate health impact of COVID-19 remains uncertain, the longer infections spread, the more people may experience significant financial strain due to work stoppages and disruptions 1.

1. The Emotional Toll:

• Bankruptcy can lead to feelings of depression and despair. It’s crucial to recognize that bankruptcy is not the end; with effort and support, individuals can move toward a better and safer financial future 3.

Remember that seeking professional help and emotional support is essential during times of financial distress. If you or someone you know is struggling, consider reaching out to a mental health professional or a helpline. You are not alone, and there are resources available to help you through difficult times