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Financial Worries Linked to Rising Suicide Rate Among Baby Boomers

The Great Recession was hard for everyone — and perhaps particularly difficult for middle-aged Americans.

According to a recent study in the American Journal of Preventive Medicine, suicide rates for adults ages 40 and 64 have climbed about 40 percent since 1999, with a sudden increase in 2007. Researchers found that external economic factors — job loss, bankruptcy, foreclosure and other financial mishaps — were present in 37.5 percent of the age group’s suicides in 2010, up from 33 percent in 2005.

“What we noticed was that this category of circumstances rose over time among the middle-aged compared to other age groups, and seemed to rise the most right at the time period when the recession was at its peak,” says Katherine Hempstead, one of the study’s co-authors and director of the Robert Wood Johnson Foundation and the Center for State Health Policy at Rutgers University.

Additionally, the study found that suffocation — a method most often used in suicides related to professional, financial or legal factors — also increased among the middle-aged, rising nearly 60 percent between 2005 and 2010.

The study was derived from an analysis of the National Violent Death Reporting System, a database that’s used to examine the individual circumstances surrounding violent fatalities in the U.S. Information was gathered from coroner’s reports, toxicology reports, law enforcement records, supplemental homicide reports and death certificates.

The NVDRS split the suicide circumstances into three main categories: personal, which accounted for depression, substance abuse or other mental health-related factors; interpersonal, which included problems with friends or romantic partners; and external, which factored in struggles with jobs, school, work or money. It also noted various indicators, or clues, that were related to suicide planning.

Hempstead, along with co-author Julie Phillips of the Institute for Health, Health Care Policy and Aging Research, examined these circumstances and indicators for six years.

What’s interesting about the data, Hempstead says, is that “it actually gives you information about individual suicides … People who were next of kin were reporting to death investigators that yes, this individual had some kind of reversal, lost their job or had been in foreclosure.”

Of course, Hempstead notes, the data set recorded many different circumstances — none of which are mutually exclusive. It’s not necessarily the case, she says, that the only relevant factors were economic or job-related.

And therein lies the complexity of suicide, mental health experts say, which stems from a hybrid of genetics, life events and environmental stressors. Depression or other psychiatric conditions are often present as well.

“I don’t doubt there are external factors that can influence an individual … to commit suicide, but I think it’s the case that the vast amount of people who commit suicide have a mental illness,” says Dean MacKinnon, an associate professor of psychiatry and behavioral sciences at the Johns Hopkins University School of Medicine.

The study did confirm that personal factors, including a history of mental health issues, were present in 81 percent of the examined suicides, although MacKinnon says he was surprised the study didn’t find a high degree of association between depression and suicide rate.

However, past research has indeed found that suicide rates tend to rise with a state’s unemployment rate. Christopher Ruhm, a professor of public policy economics at the University of Virginia, has studied the effect of economic recessions and depressions on health. His research suggests that for every single percentage point increase in a state’s unemployment rate, the number of suicides increases about 1.3 percent.

“I think the increase [the study found in suicide rates] in 2007 could be partly related to the crash of the economy,” Ruhm says — although he did note that the recession doesn’t account for other longstanding trends that might have contributed to the overall 40 percent increase in suicide rates among the middle-aged.

Midlife is also a time period filled with stress and a particular vulnerability to financial difficulties, says Margie Lachman, a professor of psychology at Brandeis University and director of the Lifespan Initiative on Healthy Aging.

“[The middle-aged] are supposedly at the peak of their earning years, they’re typically supporting themselves as well as family members and they have a lot of responsibilities,” Lachman says. “So maybe the Great Recession would have a more dramatic impact on people in midlife than other people at different periods of time in the life course.” Studies also suggest that the middle-aged have both a higher rate of clinical depression and a lower reported level of life satisfaction — both of which might be exacerbated by financial difficulties.

According to Hempstead, the study’s findings carry implications for suicide prevention and awareness.

“Finance issues, like loss of your job [and] loss of your home, are really major stressors for middle aged adults,” she says. “People who are interacting with adults that may be going through these reversals — whether it’s someone in a human resources department or a primary care physician — should be aware that these circumstances [have actually] been shown to be a contributing factor to suicide.”

More from U.S. News

9 Things to Do or Say When a Loved One Talks About Taking Their Life

How to Find the Best Mental Health Professional for You

8 Things You Didn’t Know About Counseling

Financial Worries Linked to Rising Suicide Rate Among Baby Boomers originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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