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Financial Challenges and Mental Health

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Mental Health and Social Work

Part of the book series: Social Work ((SOWO))

Abstract

This chapter discusses the mental health effects of financial challenges on an individual, as well as on families and children. It also proposes potentially effective strategies for tackling economic and mental distress given the correlation between mental and financial well-being. Financial challenges are scoped within the context of urban poverty and the related issues of unemployment, job conditions, and debt. Mental health is more broadly defined and can encompass general psychological well-being, stress, or severe mental disorders, depending on the relevant studies and models discussed. While different sources of financial challenges have different effects on different types of mental well-being, it appears that generally economic distress and poor mental health negatively reinforce each other in ways that have ripple effects on the family and intergenerational effects on children. The consequences become more deleterious when considered alongside other effects, such as impaired cognitive functioning or the trauma effects of adverse child experiences (ACE). In terms of interventions, then, it is important to develop a comprehensive set of responses that takes into consideration the challenges faced by both mental illness and poverty/economic strain, tackles both individual and environmental/structural factors, and supports the whole family. Initiatives such as supported employment, financial or mobility coaching, early intervention, universal basic income (UBI), child accounts, and trauma-informed practice are highlighted as examples with the potential to address financial and mental distress more holistically.

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Author information

Authors and Affiliations

  1. Department of Social Work and Social Service Research Centre, National University of Singapore, Singapore, Singapore

    Irene Y. H. Ng

  2. School of Social Work, University of Michigan, Ann Arbor, MI, USA

    Trina R. Shanks

Authors
  1. Irene Y. H. Ng
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  2. Trina R. Shanks
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Correspondence to Irene Y. H. Ng .

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Editors and Affiliations

  1. Department of Social Work, National University of Singapore, Singapore, Singapore

    Rosaleen Ow

  2. School of Social Sciences, University of New South Wales, Sydney, NSW, Australia

    Abner Weng Cheong Poon

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Ng, I.Y.H., Shanks, T.R. (2020). Financial Challenges and Mental Health. In: Ow, R., Poon, A. (eds) Mental Health and Social Work. Social Work. Springer, Singapore. https://doi.org/10.1007/978-981-13-6975-9_19

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