Mental health conditions such as depression, anxiety and drug and alcohol dependency have been linked to experiencing financial issues such as worrying about student loan payments, according to University of Southampton.
The study, published online in the Community Health Journal, found that the symptoms of anxiety and alcohol dependency actually got worse over time for those who experienced stress over bills. In fact, those in debt are three times more likely to have mental health issues than those who are debt-free.
Thomas Richardson, a Clinical Psychologist from the University of Southampton explained the connection to ScienceDaily.
"This research shows a strong relationship between debt and mental health; however it is hard to say which causes which at this stage,” Richardson said. “It might be that debt leads to worse mental health due to the stress it causes. It may also be that those with mental health problems are more prone to debt because of other factors, such as erratic employment.”
In a similar study from the University of South Carolina, researchers found that one of the top stressors for young adults is student loan repayment. The burden of a large loan looming in the distance has been linked to negative effects to their mental health.
Katrina Walsemann, lead author of the study, explained the relationship between loan repayment and young adult mental health.
“We are speculating that part of the reason that these types of loans are so stressful is the fact that you cannot defer them, they follow you for the rest of your life until you pay them off," Walsemann said.
The ‘spillover effects,’ such as whether or not loan stress will affect job, marriage, or lifestyle choices is yet to be seen. According to Walsemann, research is still ongoing.
