Economic anxiety

rdf:langString Economic anxiety

rdf:langString Economic anxiety, also referred to as economic insecurity, is the state of concern about the future of one's economic prospects. Economic anxiety can increase due to loss of household income or decreased purchasing power, causing affected individuals to self-report having more issues with societal structure and a lower quality of life. Anxiety occurs when the idea of a situation is regarded as highly threatening, unpleasant and doubtful, motivating individuals to stay away from insecurity by creating an environment that is safe in order to protect themselves and their families from threatening groups and events (Jarymowicz & Bar-Tal, 2006; Nabi, 1999; Roseman & Evdokas, 2004). Events in the life of an individual such as unemployment, divorce, or a serious illness can also trigger decreased income, and by result, economic anxiety. Research has shown that high levels of economic insecurity exist among low-income households, and that economic anxiety has a positive correlation with growing economic inequality in the United States. This was due to larger family instability and volatility in income in the United States in the 2000s as compared to 1960s. Economic insecurity could originate from the perception one holds towards social stratification (which inspects risks of job loss, distribution of income and downward mobility) and changes in their economic status. Furthermore, single-parent families are more vulnerable to losing jobs than two-parent families because it takes time to digest and absorb the shock of uncertainty (Western et al. 2008). Moreover, economic insecurity is associated with suicide/ suicidal thoughts, heart diseases, psychological disorders and physiological illness and the reason why this could be triggered could be because of economic policies.