Economic hardship in Nigeria has placed pressure on people, and why they develop economic anxiety. The cost of living, insecurity, joblessness, and financial instability pose a serious mental health issue to the majority of Nigerians. The economic situation in the country stems from certain factors such as inflation, devaluation of the naira, and subsidy removal.
The burden of the economic downturn has given room to chronic stress. According to the World Health Organisation (WHO), about 40 million Nigerians are dealing with mental health issues. The most common are anxiety disorders and depression.
What is Economic Anxiety?
Economic anxiety is the stress and worry that builds up as a result of market fluctuations, financial instability, job insecurity, and so on. No one is above this type of anxiety; it can affect both the rich and the less privileged. Even if you have a stable income, concerns about future uncertainties and the cost of living can cause anxiety.
Signs of Economic Anxiety
You may not be aware that what you’re going through is economic anxiety. The constant striving to live a comfortable life and manage financial responsibilities can be very overwhelming and can affect you mentally and physically.
- Depression or sadness.
- Emotional exhaustion.
- Anger.
- Lack of concentration.
- Fear.
- Increased heart rate.
- Shortness of breath.
- Headaches.
- Fatigue.
- Lack of appetite.
How to overcome economic anxiety
Before you can overcome economic anxiety, you have to adopt practical strategies so that you won’t be stressed or unnecessarily worried.
- Create a financial plan
You need to have a financial plan. Work with your income and create a budget within your capacity. The most important thing should be prioritised first, and worry less about the rest.
- Practice self-care
Self-care is very crucial. If your health collapses, you will no longer be able to work. Eat healthy, sleep well, and exercise regularly.
- Seek support
All you need might just be a “support.” You need to seek and stay connected with people who can really be of help to you. If not financially, they can uplift you emotionally.
- See a therapist
A therapist can help you overcome anxiety by deeply exploring your feelings with you, your struggles, and the coping mechanisms you should adopt.
- Medication
Depending on your symptoms, medication can also help you. Talk to your doctor about what you’re going through; medications will be prescribed for you.
