The recession set back many people’s financial plans and cost millions their jobs and savings. However, a new study finds that the economic downturn had an even harsher toll.
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A team of researchers has calculated that between 2007 and 2010, 10,000 more Americans and Europeans committed suicide than during prior periods of economic growth. “There are, broadly speaking, large mental health implications of the economic crisis that are still being felt by many people,” University of Oxford sociologist and post-doctoral researcher Aaron Reeves, who participated in the study, told USA TODAY.
Men were at a greater risk of suicide when faced with financial problems, compared to women, the study found. Prior to the downturn, U.S suicides were already rising. By contrast, suicides in Europe were falling before the recession.
Suicide rates show different patterns in various countries. In Sweden and Austria suicide rates were unchanged during the recession, even though their economies were affected by the downturn, while other countries saw a sharp rise. Researchers suggest that stronger social safety nets might help mitigate economy-related suicides.
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