Although economists are not yet talking about an economic crisis or recession, several financial repercussions are difficult for many households to absorb.
The Consumer Price Index (CPI) rose 2.8% year-over-year in June — representing a slowdown in inflation — but Statistics Canada says grocery store prices in June were up 9.1% year-on-year.
Earlier this month, the Bank of Canada raised the key rate again to 5%, the highest since 2001. It explains this measure because it expects inflation to remain high for longer. In doing so, the cost of mortgage interest jumped 30.1% in one year.
The National Institute of Public Health of Quebec (INSPQ) recognizes that there is a link between suicide and economic crises. In a study on the pandemic, she writes that: “Job losses during a pandemic as well as reliance on loans to cope can increase feelings of loss of control and lead to suicidal behavior.”
Michel Tousignant, researcher at the Center for Research and Intervention on Suicide, Ethical Issues and End-of-Life Practices (CRISE), brings some nuances.
“Suicide happens more often in areas that suffer from poverty. In fact, in Quebec, it is the cause of death most linked to poverty, more so than physical illnesses and homicide. It is certain that there is a link, but the link is complex”, he maintains.
He first mentions that one suicide is one suicide too many, but the researcher stresses that this is an event that is relatively rare. According to the INSPQ, suicide represents 1.7% of all deaths in Quebec for the years 2017-2019. It is the seventh leading cause of death in the province.
Mr. Tousignant also indicates that a distinction must be made between suicidal thoughts, suicide attempts and suicide. They don’t have the same factors, he says.
“It’s not pathological to think about suicide, these are questions that philosophers ask themselves, for example. These are questions that everyone can ask themselves, but sometimes you think about it for five minutes and then you don’t think about it anymore, ”he explains.
We must not associate distress with suicide, but rather discouragement and the total loss of self-confidence, indicates Mr. Tousignant.
“It’s a minority of people who get to this state and it takes years to get discouraged because you try all kinds of things. It’s when you’ve tried everything and you’re at the end of your rope, that’s when you start to think about suicide and especially to act, because a lot of people think about it, but few go to the final conclusion.
Every day, more than 200 people in Canada attempt suicide and approximately 4,500 suicide deaths are reported each year, according to Statistics Canada data.
The importance of those around you
Marie-Michèle Dufour, assistant professor in the department of psychoeducation at the University of Montreal, believes that it is “normal” to experience stress and anxiety in the face of a difficult financial situation.
She explains that stress is a physiological reaction to a real or perceived “stressor” and for which four ingredients are necessary: novelty, ego threat, unpredictability and a weak sense of control. She finds that these four factors are present in the current economic situation.
Anxiety is rather the anticipation of hypothetical situations, describes Ms. Dufour.
“I think the taboo aspect that surrounds finances doesn’t help. Talking openly about the situation in which you find yourself with your loved ones can be beneficial,” said Ms. Dufour in an email, adding that we must remember that we are several “in the same boat”.
Plus, tough financial times will be transitory for a majority of people, she says.
According to Mr. Tousignant, certain economic periods caused a lot of “worry” and there were few suicides, while there was an increase in suicides for other periods.
“We are not sure if we are heading towards an economic crisis or not. Of course, the mortgages will cause problems, but if the economy is doing well at the same time, it will be less bad. But it is sure that it will shatter dreams, ”says the researcher.
In the event of an economic crisis, he believes that many psychological impacts will depend on the social climate.
“It is not because we have financial problems that we will necessarily see our level of mental health deteriorate. It can happen that people have experiences of solidarity that will, on the contrary, improve their standard of living.
“You have to see all the diversity in how people react to situations like this.”
Poverty is not a direct cause of suicide and no social group is immune. “But it’s sure that when you’re rich, you can let off steam elsewhere. It can take longer before we manage to commit suicide because we have more ways out, ”argues Mr. Tousignant.
Government assistance
In order to counter high inflation, the provincial and federal governments have implemented measures to try to ease the financial burden on households.
The Premier of Quebec, François Legault, notably promised tax cuts to help less well-off citizens as well as those from the middle class.
In addition, as promised during the election campaign, the Coalition avenir Québec (CAQ) also sent eligible taxpayers – those earning $100,000 and less – a check for $400 or $600 at the end of 2022.
More recently, the federal government sent Canadians a grocery rebate of up to $628, also in an effort to provide financial support to those with lower incomes.
According to Mr. Tousignant, it is not necessarily the amount of money that counts, but the intention. “The government helps us. Even if that does not solve all the problems, we feel that there is an effort to help the poorest. The symbolic effect (…) will improve the social climate around people, they feel that they are helped.
Need help?
If you are in distress and are looking for help, several resources are available:
1-866-CALL
www.suicide.ca
www.teljeunes.com
2023-07-22 16:11:33
#current #economic #context #causing #dismay
