Buy onlineBy Dr Avron Urison, Chief Medical Officer at 1Life Insurance
Did you know that financial stress is one of the leading causes of suicide among men? A recent study by The South African Society of Psychiatrists revealed that South African men are five times more likely to die from suicide than women. In fact, of the 13 774 suicides reported in South Africa, 10 861 were amongst men. While there are various contributing factors to these alarming numbers, financial difficulties, where a man could not take care of his family, stood out as one of the leading reasons for men taking their own lives.
The reality is that tons of South Africans are currently experiencing a financial crisis - having to deal with the strain of bills they cannot pay, while they struggle to put food on the table. The Back-to-School Survey that 1Life Insurance conducted over December 2023, revealed that 88% of parents will have to cut back on essential monthly expenses like food and transport to cover back-to-school expenses. Beyond back-to-school season, this has been the ongoing reality for many South Africans, to date.
While you cannot control the economic changes, you can certainly control how you respond and take charge of your mental health.
Consult a mental healthcare provider
A good place to start would be to speak to a mental healthcare provider about the thoughts or anxiety symptoms that you may be experiencing. Speaking to someone you trust can help you ease the mental weight and equip you with ways to manage it – placing you in a better position to make a plan for managing your emotions and the weight of life’s stressors.
You can visit the South African Depression and Anxiety Group (SADAG) website for resources and referrals.
Invest in your financial literacy
Financial literacy is important, and more so now with the economic instability, unemployment, and rising living costs. As the economy changes, it is important that you adjust the way you manage your finances to the current financial realities. By better managing finances, - one of life’s major stress factors, it can help balance anxiety and remove some of the stress experienced that leads to depression.
1Life Insurance has made Financial Literacy courses easily accessible through an initiative called 1Life Truth About Money. These free online courses cover various topics, including Managing Debt, Making Money Last, Basic Principles of Successful Money Management, as well as how to build Generational Wealth in your Family – which are all key to helping you achieve financial independence, and maintain it. Sign up for a Free course today!
Partner with a financial advisor
While learning how to manage your finances is key, it is more important and beneficial to put that knowledge into action. Applying the skills learned from the 1Life Truth About Money courses will help you clear your debt, using your money wisely going forward – setting you up to build generational wealth and break the poverty cycle in your family.
Rather than ignoring the financial and emotional burdens you face, address them by seeking professional help, establishing support networks, and practising self-care. Reach out for help today!
For financial advice, contact a financial advisor, and get the process started!