Study says rise in minimum wages could prevent suicides
New research has been published in the Journal of Epidemiology & Community Health. The research found a clear connection between mental health and economic policies. According to the study, a rise of $2 in minimum wages in the US states could prevent thousands of lives lost in suicides between 1990 and 2015.
The focus of the researchers was on the states that rose minimum wages above the federal level in the last two decades. The research found that the suicide rate decreased by 3 to 6 percent with the rise of 41 in minimum wages from 2009 to 2015. A rise of $1 in the minimum wages resulted in 14000 fewer suicides. The research also found that the rise of $2 in the minimum wages resulted in 26000 fewer suicides from 2009 onwards.
The experts in the field of mental health said that mental health factors were not always controlled. Dr. Megan McCoy, a certified financial therapist, said, “A small amount of more many can make a difference.” McCoy added, “Researchers called it ‘death by despair’ and I wonder if getting to a number that seems livable means that you have more of a sense of accomplishment.”
Financial stress is a reason behind anxiety and depression. McCoy said that there was a clear link between money and mental health. Money is not just math and numeric on a paper. Mental health issues can lead to financial stress through things like compulsive spending. McCoy said, “I wish that people saw money as numbers but it’s not.”
McCoy advised people to take wise decisions in terms of spending their money. They need to make a plan for spending their money. It is important for people to feel good about their purchasing decisions. The financial policy must have to focus on the mental health of the residents of each state. A small rise in the minimum wage can create a huge impact in this regard. McCoy advised people to make a spending plan.