When we talk about a “vicious cycle” there are few more vicious than the relationship between money and the mind. There is a reason why people struggle in the day-to-day, there’s a reason why dissatisfaction among the working class is so high.
The derision and dehumanization of America’s working class have led to a paradigm of bitterness. We are expected to put up with demanding, toxic bosses, for a salary that does not cover the cost of living, and be thankful for it.
The current climate seems to be one preparing us to either be abused and go with it until we reach the top, or demand the basic right to a livable wage and good work conditions and be forced to remain at the bottom forever.
Some choice, right? Let’s now delve into how money and the mind interchange.
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Table of contents
How Are Things with Money and the Mind?
Since the COVID-19 Pandemic had us all locked indoors for a good long while, educational and corporate bodies have had to adapt to more people desiring work and study from home. This of cause saves money (logistics and gas bills) and keeps the mind more at rest (staying home is often more restful).
But it doesn’t take a top-notch education to see that the working class has it rough, and what’s more is that education isn’t necessarily leading to the promised wealth.
People are getting qualifications all the time, it’s even possible to get an online master’s in school counseling. Yet somehow with a wealth of talent in the hiring pool, people just still aren’t able to afford life.
The current minimum wage in the US is $7.25, giving workers a monthly wage of $1,218, compared with the current average cost of living of $2,500 – $3,500 per month. This means that 19% of the US workforce currently living on this minimum wage are well into poverty. Although 19% might not sound like a lot, across the borders of the United States, that accounts for over 27 million people.
People have tried to communicate this struggle for financial quality for years. People have been more open about the wages they’re earning, and flat out refusing to work hard for a job that does not value their efforts and cover their necessities.
A Relatable Example
Four years ago, Congresswoman Katie Porter questioned JP Morgan CEO Jamie Dimon (ironically pronounced to rhyme with “diamond”) regarding the financial situation of an entry-level employee at JP Morgan.
The employee in question was a single mother of a 6-year-old girl, living in a one-bedroom apartment, and making $2,425 per month at her job.
At the end of necessary expenses (not including medical expenses, school lunches, excursions, clothing, etc.) the employee was left in the red: a staggering negative $567 per month.
Meanwhile, Mr. Dimon was (at the time) taking home $31 million per annum. He couldn’t think of a way to help the employee.
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Inflating Inflation
Perhaps the real kick in the teeth is the fact that we constantly have people telling us that inflation rates are cooling, as though that helps things. The inflation rate has gone down, we can see that. It’s right there in cold data, black-and-white, no room for debate. But that doesn’t solve the problem.
The problem is that while it’s great inflation rates are lowering, that doesn’t help anyone when the cost of living is so high! We have full-time employees struggling to keep their heads above water. Right now, Americans are facing “untenable” childcare costs, the cost of life-saving prescription medicine rose over 15% in January, rent prices have gone so high they’re only $16 off setting a new record, and healthcare costs are at $12,900 per person.
Yet our government and economists would have us believe that everything is fine because inflation is “cooling.” Yet money isn’t getting into the hands of the average earner and this leaves their minds overthinking.
It feels important to point out that the operative part of that word is the “ing.” Inflation rates are in a state of decline, but they haven’t declined already. While the inflation rate slowly comes to a tepid resting state, hard-working Americans are in the grips of an underpaying system. They’re drowning, being thrown a deflated pair of water wings, and told to be thankful for it.
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The Toll On Mental Health
It doesn’t take much in the way of empathy to see how this can affect people. In 2022, a study was launched into the relationship between financial worries and psychological stress in American adults. The study found that there is an overwhelming association between the availability of money and significant psychological stress (on the mind). Many factors influenced the effect of this stress, but the study showed empirically that the onus is on financial practitioners and professionals to both provide an equitable availability of money, as well as offer mental health services where needed.
In 2021, finances were the top cause of stress in 73% of American adults, and the resulting stress has been shown to contribute to symptoms aligning with depression and anxiety, as well as a general feeling of being overwhelmed.
Part of the problem is that this is something of a self-fulfilling prophecy. Not having money leads to a deficit in necessary resources for day-to-day life, which then causes mental health issues, which affects the ability to work effectively and earn/save money, which finally deepens the financial difficulty of the worker.
It’s a difficult situation, and with the current financial climate, it’s all too easy to fall short of money these days. With CEOs like Jaime Dimon, it can be hard to see the light at the end of the tunnel. Money, or a lack of it just keeps the mind overworked, so it seems from the stats.
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What To Do?
There is an upside. The symptoms of this issue are largely generational. A lack of age diversity in the corporate sector has led to our economy being a veritable demagoguery of aging men – who all had paffordable housing when they were growing up – so when we say we’re depressed due to a lack of funds, they think we’re not budgeting properly, or that we’re only eating avocado toast at fancy cafes.
However, our generation is moving in. A more aware, better-versed generation that wants to do the right thing. While inflation rates going down may not be a big help right now, it is a symbol of good things to come.
Meanwhile, if things are overwhelming right now, all we can really suggest is that you contact local mental health services, try out some strategies yourself to help cope, or if you are eligible, look into some of the government assistance programs available to help those struggling.
Finally, if you or someone you know is under particularly bad duress and may need help, please don’t hesitate to call one of our country’s many crisis hotlines. They may be able to offer some support or help you find an advocate in pursuing financial assistance.
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