The F Word

This article is directed to a specific group of people. If your credit card has never been declined or you’ve never had to check your bank balance before buying groceries, this might not be for you. Maybe try reading up on winter vacation getaways instead. But for those of us who have experienced the F word, we know it stands for Financial struggles, so keep reading.

Three in five Americans (61%) report that recent price increases have caused financial hardship for their household. This is a six-percentage-point rise since late 2022 and the highest level since Gallup began tracking this in 2021. Families across North America are grappling with skyrocketing costs for essentials like food, housing, and clothing. Many find themselves struggling to make credit card, insurance, mortgage, and rent payments. As the months go by, living paycheck to paycheck, the stress and anxiety continue to mount.

For those of us familiar with the F word, there’s a unique heartache in telling your child they can’t have new sneakers for school or that joining the hockey team or dance class isn’t an option this year. It’s heartbreaking when registration opens, and you know the answer is "no." How do you explain this to your child? Do you shield them from the financial strain, or do you share the reality? If you choose to talk to them, how much do you say?

Research shows that financial debt is significantly associated with increased psychological distress and poor mental health. Those facing financial stress are four times more likely to experience sleep problems and headaches and twice as likely to report poor overall health. Financial stress can lead to heart disease, high blood pressure, and, more critically, take a toll on one’s emotional well-being.

With this being World Suicide Prevention Month, I recently read an article listing those at risk for suicide: people with mental health challenges, chronic pain, trauma, social isolation, and those facing discrimination. While comprehensive, the list left out a key factor—financial hardship. When financial struggles are added to the mix, the risk of suicide triples.

Consider the story of Rakesh Kamal, who tragically killed his wife and daughter before taking his own life in December 2023, just three weeks after receiving a foreclosure notice on their home. Or Brandon Miller, who died by suicide this past summer after struggling to maintain his family’s lifestyle. These names might be recent, but their stories are not new. Sadly, without change, they won’t be the last.

So, the real question becomes: how do we cope with this overwhelming financial pressure? How do we prevent ourselves and others from succumbing to despair? Think of Chris Gardner, the man behind The Pursuit of Happyness. As a homeless single father, he could have given up. But instead, he pushed through, and his perseverance eventually led to great success. His story serves as a powerful reminder of the potential for resilience, even in the darkest times.

If you or someone you know is experiencing suicidal thoughts, please seek help. Call 911 or reach out to the 988 Suicide and Crisis Line