The economic crisis of 2008 is said to be responsible for 10,000 suicides in North America and Europe.
The 2008 financial crisis affected many businesses globally. Many people lost their jobs overnight. People went under the burden of debt and many were forced to abandon their homes. Latest study reveals that the Great Recession was also linked to 10,000 more people claiming their own lives in between 2007 and 2010, when compared to previous years.
Aaron Reeves, a post-doctoral researcher and sociologist from the University of Oxford in England, says that the increase in the number of suicides is quite large and unexpected. Reeves claim that undoubtedly there have been mental health implications of the financial crisis, which are being felt by many people even today. The researchers are also trying to understand if economic suicides are inevitable.
The Huffington Post reports that in Canada, the number of people who committed suicide rose by around 4.5 percent, which amounts to an additional 240 suicides than what was expected between 2007 and 2010. During the same period, the suicide rate increased by 4.8 percent in the U.S. Suicide rate in Europe was declining before 2007 but reports suggest that suicide rate increased by 6.5 percent by 2009.
"Suicides are just the tip of the iceberg. These data reveal a looming mental health crisis in Europe and North America," says Prof. David Stuckler, co-author of the study.
Reeves says that there are three factors that may help economies sustain financial crisis. He says that economies should have "effective treatment for clinical depression," "return to work programs" and higher gender equality at work to avoid a high suicide rate.
Suicide rate increased for both men and women; however, the suicide rate is four times higher for men.
The researchers pointed out that the suicide rate in Sweden and Austria remained flat between 2007 and 2010. The countries were also severely affected by financial crisis during the said period; however, people who lost jobs or were struggling financially had better support.
Experts suggest that the findings of the study should have significant impact on policymakers. Financial crises may occur again in the future; however, with better support in place, the suicide rate can be controlled.
