Financial crisis results from difficulties within the finance industry. In fact, financial turmoil might be issued from different factors, such as asset-liability mismatch, leverage, economic mismanagement, corruption, tax policy, and other regulatory failures. Financial crisis might be about crash in the stock market, crisis in foreign currency, and the like.
In fact, economic recession results in asset devaluation and can harm societal happiness. Happiness is essential for us, as the ambassador of peace Prem Rawat said in his message: "Happiness is your own treasure because it lies within you." Thus, in this article, let us consider the negative influences of the financial crisis on happiness.
Has financial crisis had an impact on the happiness of the inhabitants?
Financial crisis results in mistrust in government
The most common impact of the financial crisis is about public mistrust in the local government. It is common that before an election, candidates pledge to ensure a decent living conditions to its citizens. However, financial meltdown prevents the achievement of that objective.
Therefore, it is inevitable that citizens lose hope and feel depressed. Some workers might lose their jobs; others might receive decreased income due to the financial problem. Discouraged workers and unemployed people may end up showing their dissatisfaction by expressing their mistrust in the government to their other. Thus, it is certain that economic recession removes happiness in citizens.
Financial crisis causes unemployment
Due to financial turmoil, companies are compelled to close their factories down. Some of the major companies may be relocating to another country where business is favorable. The closing down of businesses gives rise to massive unemployment all over the country.
In spite of that, it is difficult for the local government to intervene and take measures to restore social security because the financial crash has become widespread . Therefore, it can be said that economic crisis can remove happiness from citizens.
Financial crisis leads to high crime rate
Income reduction and unemployment have negative influence on some hopeless individuals; which induce them into unlawful conducts. They lose hope because their future is so uncertain provided that even the government cannot manage the crisis.
Moreover, children have to stop going to school for lack of income, which adds to frustration. Due to the economic depression, many households struggle for survival. This gives rise to crime in some communities, which spreads terror in the community, and life has become stressful. Thus, happiness is dissolved by the economic slump.
Financial crisis affects longevity
Financial distress affects on happiness especially when it reduces longevity. Failing health is another harmful impact of the depression, because of malnutrition and inadequate health care. Life span is reduced for those who are mostly affected by the crisis. Thus, sadness fills the society.
All things considered, it is obvious that financial crisis has had disastrous consequences on happiness. To alleviate the impact of financial trouble, international organizations and foundations have taken actions to promote our well-being. Among those, we can cite the Prem Rawat Foundation (TPRF). It works by providing humanitarian support to the needy and most deprived people.