How Financial Stress Impacts Women's Mental Health, Real Estate Entrepreneur Shares Her Experience

As we are gearing up to become the third largest economy, the financial stress is increasing on everyone irrespective of gender. It has been a notion that men are posed to financial stress but things are changing with a growing women workforce. Priya Thakur, Founder & CEO of LaRiSa Resorts shared how financial stress is impacting women’s mental health along with her personal experience.

“Growing up in a family of strong women, I’ve witnessed first-hand their remarkable ability to balance the demands of managing a household while pursuing fulfilling careers,” said Priya Thakur.

With inflation hitting us hard, financial stress has become a pervasive issue, affecting individuals of all genders. However, women are disproportionately impacted due to a combination of societal and economic factors.

Reasons For Financial Stress In Women

Here are the factors leading to financial stress in women:

Gender Gap

The gender pay gap remains a primary concern, as women often earn significantly less than their male counterparts for the same work. This disparity translates into lower lifetime earnings, making it challenging for women to achieve financial security, which in turn fuels anxiety and stress.

Household Responsibilities

Priya Thakur emphasises that, in the Indian context, the situation is further complicated. Women frequently take on the role of primary caregivers, facing additional financial strains from childcare and household expenses. This dual responsibility can create a relentless cycle of stress that weighs heavily on their mental health.

Consequences Of Financial Stress

The consequences of financial stress on women's mental health can be profound. It causes feelings of hopelessness, helplessness, and low self-esteem.

Priya Thakur added that the constant worry about money often manifests as anxiety, depression, and physical health issues. Women may experience insomnia, changes in appetite, and chronic fatigue, all of which can diminish their quality of life. Furthermore, financial stress can strain relationships with partners, family, and friends, leading to feelings of isolation and loneliness.

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How To Mitigate Financial Stress

Here are the ways to mitigate financial stress:

Implement Policies And Programs

Priya Thakur suggests that to mitigate the impact of financial stress on women's mental health, we must implement policies and programs that promote gender equality in the workplace. She added that it’s important to prioritise creating opportunities for women across all departments, and our corporate workforce is composed of more women than men.

Provide Financial Education

She advises financial education and counselling services, empowering women to manage their finances effectively. Practical steps such as budgeting, reducing unnecessary expenses, and seeking professional financial advice can make a significant difference.

Foster Open Communication And Support

She suggests fostering open conversations about financial stress and mental health is crucial. By breaking down the stigma surrounding these topics, we create an environment where women feel comfortable seeking support and resources. Support groups, therapy, and mindfulness practices can play vital roles in managing the emotional toll of financial stress.

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By supporting one another, advocating for policy changes, and encouraging open dialogue, we can create a future where women are empowered to thrive both financially and emotionally.

Image Courtesy: Freepik