Welcome to Glorious & Cash – Les Glorieuses launched this newsletter to talk about why money is power and matters for gender equality. It’s written by Arièle Bonte and the translation is made by Stephanie Williamson.
🇫🇷Pour la version française, cliquez ici.
It’s time to think about the cost of mental health, by Arièle Bonte
Covid-19 lockdown has resulted in more psychological consequences in women than in men.
This is what a study by OpinionWay for the consultancy firm Emprunte Humaine and relayed by Challenges found. Out of the 2005 people who replied to the survey*, 44% of employees confirmed they are in a state of psychological distress. The situation is even more worrying in women, 22% of which present a high level of psychological distress compared to 14% of the men, according to Challenges. The observation was the same for women working from home : the study suggest that 37.3% of them are showing signs of depression, compared to 28.9% of the men working from home.
Why does this
According to OpinionWay’s study, ¼ of employees participating in the survey are at risk of depression requiring treatment but only ⅓ said they are well-informed when it comes to their companies’ employee mental health policy. Hospitals are even talking of the risk of a “psychiatric second wave” due to the pandemic.
I’m not one to throw figures at you, but they are essential to understanding the issue that is the very reason for the existence of this newsletter; because if psychological distress can lead to depression (which will require treatment),
it is imperative that employees are accompanied throughout the process. This is especially important because– according to another study published last December– money is an essential factor in helping people who experience mental health problems to heal faster.
Tell me more.
A study by The Money and Mental Health Policy Institute, relayed by Metro and carried out on 500 people with mental health issues, showed that 64% of participants would have healed faster had they been accompanied and advised when it came to their finances. On the contrary, a lack of control of a financial or mental problem only serves to emphasize the other.
We’re talking about a complex issue here: as money– like mental health– is a taboo subject, one feeds the other and the vicious circle won’t stop if more support isn’t provided.
This is in any case the point of view of the institute which draws attention to the fact that people suffering from depression are five times more likely to experience serious financial difficulty. The cause? Low spirits and lack of concentration can make the handling of finances impossible. Problem: these risks are rarely mentioned in doctors’ offices. Only one out of twenty participants in this study who saw their GP said they were offered advice on how to manage their money.
How do we get out of this vicious circle?
The Money and Mental Health Policy Institute raises awareness of this “grey area” of medicine among health professionals and suggests that doctors should be more proactive about these issues, in the same way they are when it comes to domestic violence cases, for example.
But back to the women who are at high risk of psychological distress and depression. These women who are already limited in their professional careers by unequal pay, uneven distribution of household tasks and the glass ceiling, are likely to come out of this crisis even more impacted than they were before. To wrap this up, I’ll give the floor to Helen Undy, director of the Money and Mental Health Policy Institute, quoted by Metro: “We know that there are heavy demands on GPs’
time, but we can’t afford to keep missing this critical opportunity to give people the information and advice they need to avoid the devastation that the combination of financial difficulty and mental health problems can cause…”
*Survey involving 2005 French employees from 31 March to 8 April– 2 to 3 weeks after the beginning of lockdown in France. The sample was selected using the quota method. The results of this survey must be read taking into account the margins for uncertainty: 1 to 2.2 points at the most for a sample of 2000 respondents.
The SISTA collective and the Maison Veuve Clicquot joined forces to come to the aid of female entrepreneurs via the platform sistabold, launched on 14 May. Its goal: allow you to benefit from a one hour exchange with one of 100 experts on different topics (crisis management, cash flow plans, crisis communication, organisation, business models, communication, human ressources etc.).
#HeForSheAtHome is the new campaign in response to the Covid-19 pandemic, launched by #HeForShe at the request of the General Secretary of the United Nations. Its aim: to raise awareness of and fight against the uneven distribution of household tasks, particularly concerning women who work from home, and to empower men in the re-balancing of family responsibilities and daily tasks. More info on HeForShe.
Learning (French) while carrying out an act of solidarity is what La Libraire des Femmes is proposing with their literary box. The goal: to shower you in books carefully selected to deepen your knowledge of a politically-engaged subject while helping an unprecedented cultural space to survive in spite of the difficulties. Head to KissKissBankBank to order.
Notebook « The feminist revolution starts here »
You can still find our beautiful notebooks, in French blue, and in English, in blue or pink.
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Arièle Bonte is a French journalist specialized in equality, gender and sexuality. For three years she was leading RTL Girls, for RTL.fr. Today she’s an independent journalist but she still has the same goal: spread the news through the gender prism. She also wrote a novel « Le Chaos des décibels » (Librinova), and she’s the author of the newsletter « Spell it out » about modern witchcraft. Her dream is to meet Lana Del Rey, to travel around the world and to have a green thumb.
A MESSAGE FROM OUR PARTNER
For more than a 100 years, L’Oréal has been dedicated to beauty. With its international flotilla of 36 brands and its 86.000 employees, the Group achieved 26.9 billion euros of sales, its best year of sales growth in more than 10 years in 2018.
L’Oréal has long been a leader in gender equality. Worldwide, as of 2018, women account for 69% of our workforce, 47% of our management committee members, 31% of our Executive Committee members and 54% of our key positions.
L’Oréal firmly believes in Diversity and Inclusion, and is convinced that Women’s leadership must be promoted in order to achieve a more
inclusive workplace. Its commitments across the years have marked the Group as one of the leading organisations globally: in 2018, women represent 46% of the board membership, 54% of the Group’s key positions, and 66% of the Global brand general managers. L’Oréal was ranked Top gender-balanced company in Europe by Equileap in 2018 and is among the TOP 100 companies in the Bloomberg 2018 Gender Equality Index.