MONTHLY BAROMETER  

The abruptness and severity of the shock inflicted by COVID-19 have no equivalent in modern history. The pandemic’s power of exponentials has taken most decision-makers by surprise and brought a large portion of global economic activity to a sudden and dramatic halt. This has never happened before, not even during the Great Depression or the two World Wars. In Q2, global GDP might plunge by 20–30 percent (year-over-year), and joblessness rise in monumental proportions. A return to growth in the autumn is now the best-case scenario, but it is contingent upon many “ifs.”

WELLNESS EDITION

The dramatic increase in global unemployment will have a devastating effect on subjective wellbeing. Research shows that being made redundant can lead to a roughly 20 percent drop in life satisfaction. The loss of income (which represents the greatest and immediate hit to financial wellbeing) is often accompanied by a loss of self-esteem, a loss of social networks, and a loss of daily routine.

According to Tyler Norris, chief executive of the Well Being Trust, each increase of one percentage point in unemployment leads eventually to a 3.5 percent increase in opioid addiction (studying the US), suggesting that the pandemic’s economic effects will inevitably exacerbate the drug and mental health problems already so prevalent in the country. In addition, recent economic research concludes that measures of subjective wellbeing are more than twice as sensitive to negative as compared to positive economic growth.

This makes it even more compelling to justify the reason why, from a public policy perspective, governments must do their utmost to keep as many people as possible employed in their current jobs, even if they are not actually working at the moment.

This also makes it obvious that, in the foreseeable future, the issues of (1) economic wellbeing, (2) financial wellness and (3) mental health will be at the forefront of everybody’s mind and policy action.

3 thoughts on “Financial & Mental Wellbeing Will Be Front-Burner Issues for People & Policymakers”

  1. Sitting in lock-down watching the high numbers of people talking about the affect on their mental health is certainly enlightening. I personally have always been a bit old school towards people, as in “pull yourself together and get on with it”! For me it is finding that fine balance to what is really a mental wellness issue and what is just false. I watched a video recently from made by Dr Helena Lass, it was very enlightening to allow me to modify and change my perspective somewhat in these times… Here is the link for anyone interested: https://www.wellnessorbit.com/newsletters/use-your-next-coffee-break-to-find-out-how-to-avoid-stress-and-burnout/id/48

  2. Yes, indeed both mental and financial well-being matter. Strangely, our current school systems miss to kind of education: financial education and mental wellness of practical intrapersonal skills related to education. Both are extremely important if we want to see people thrive and do well.

    I see that mental wellness is the foundation of health, both mental health and physical health.

    While financial well-being has obvious ROI, mental wellness can have an even better ROI than most financial investments. The best ROI is there in case of organization-wide proactive mental wellness approach: https://www.wellnessorbit.com/newsletters/the-proactive-mental-wellness-approach-for-all-employees-has-the-best-roi/id/47

  3. Finally, Humanity begins to really feel, experience and understand that their health and wellness must come first. I left my corporate world banking career in the late ’90s ahead of the entrepreneurial wave and already seeing my true soul calling to jump into wellness (Mind-Body-Soul). During my childhood, teen years and young adult I was already fascinated and experimenting and using holistic health foods and modalities. Corporate world career provided me a deep insight into the disconnect of people and their true essential human nature. Hence, I stepped forward into my calling officially as a professional wellness practitioner launched first as a Registered Massage Therapist in 2000 when my identical twins were born. To date, I have a combined thirty-five + years of both personal and professional knowledge and expertise which I am proud to help people both on one and via remote online video or telephone plus my wellness retreats. Here’s to healing humanity and our Earth.

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