'” Arnold Washton, a psychologist at Compass Health Group says that depression may also be more common in the people who have only known wealth, since they may not be familiar with bootstrapping themselves through difficult times.
There's also the perception — and sometimes reality — of constant competition and failure doesn't seem to be an option. Grueling hours, constant criticism from others, including strangers, and a loss of the identity you once possessed can open the door to mental health conditions such as depression.
You can have depression regardless of how much money you have or make. Although money makes some aspects of life easier, there are other factors that play into mental health and well-being. The wealthy can get depressed the same way people living in poverty can experience depression.
In fact, studies show that highly successful individuals such as CEOs may be depressed at more than double the rate of the average population (which is already close to 20%). We also know from cross-national research that depression is actually more common in wealthy countries than less wealthy countries.
Some celebrities are more prone to depression and bipolar disorder due to never-ending media and public scrutiny. In fact, it is a common issue that many artists, musicians, CEO's, actors, or any kinds of entertainers are and have been diagnosed with Depression.
Success and mental illness go together like peanut butter and jelly. In fact, it doesn't take long to put together a list of successful people who struggle with mental illness. Famous and successful individuals like Abraham Lincoln, J.K. Rowling, and Jim Carey all struggled with clinical depression.
Low Income & its effects on mental health
According to the CDC, 8.7% of people who have incomes below the poverty level report severe psychological distress.
If the depression is mild, it may resolve itself without any type of formal treatment. If you have moderate or severe depression, additional treatment may be needed to get it to subside.
The research between salary and happiness suggests similar insights. Even those on the Forbes 100 wealthiest were only slightly happier than the average Americans, according to a study by Ed Diener of the University of Illinois.
In addition to those well-documented costs, it turns out that the poor not only experience more stress than the rich on a daily basis, but it is also more likely to be “bad” stress, which can have long-term effects on the ability to plan for and invest in the future.
Millionaires are happy, but not extremely happy.
It might seem ludicrous to hear that anyone from this pool of millionaires responded as lower than a “10 out of 10” on happiness. But the results showed that millionaires were around an 8 out of 10 on their self-reported happiness.
Key points. High-IQ people often experience social isolation, which can lead to depression or make them act more introverted than is their nature. The very intelligent know they're intelligent, so they're prone to setting lofty expectations for themselves that they can't meet.
High achievers are wired to be dissatisfied when we meet goals — that is the evolutionary motivation to do the next big thing — but the result is often cumulating disappointment. Year after year of finding success less fulfilling than we expected makes us pessimistic about ever attaining satisfaction.
“Being at the top meant there is little time for self-care, family time, or moments of stillness — a recipe for burnout,” says Lee. “The incredible stress of being a successful person can actually trigger episodes of mental illness.”
Research suggests that depression doesn't spring from simply having too much or too little of certain brain chemicals. Rather, there are many possible causes of depression, including faulty mood regulation by the brain, genetic vulnerability, and stressful life events.
Depression is often not recognised and can go on for months or even years if left untreated. It's important to seek support as early as possible, as the sooner a person gets treatment, the sooner they can recover.
Untreated clinical depression is a serious problem. Untreated depression increases the chance of risky behaviors such as drug or alcohol addiction. It also can ruin relationships, cause problems at work, and make it difficult to overcome serious illnesses.
These are some common ways money can affect your mental health: Certain situations might trigger feelings of anxiety and panic, like opening envelopes or attending a benefits assessment. Worrying about money can lead to sleep problems. You might not be able to afford the things you need to stay well.
The prevalence of depressive symptoms was 39.3% for participants with family income under $20,000, 25.5% for participants with family income from $20,000–$75,000, and 14.9% for participants with family income greater than $75,000.
In developed countries, urban dwellers have a higher prevalence of psychiatric disorders, and specifically mood and anxiety disorders, compared to rural counterparts (Peen et al., 2010).
In their lifetimes, about one in five Australians will experience depression. Around the world, depression affects around 300 million people.
Depression. Impacting an estimated 300 million people, depression is the most-common mental disorder and generally affects women more often than men.