Long-Term Effects of Unemployment in a Person - Economics Essay Example
THE LONG-TERM EFFECTS OF UNEMPLOYMENT ON A PERSON In the current economic recession, unemployment is not only a terrible problem of the society but also the concern of each individual - Long-Term Effects of Unemployment in a Person introduction. Because it causes a large number of long term consequences. From my point of view, there are two main long-term effects which the unemployed are facing with, relating to their material and spiritual life. The first effect which unemployed persons are directly affected is their material life. The majority of unemployed persons did not accumulate saving money.
Therefore, there is no budget for future plans, such as: going aboard, doing business, or making the project, etc. Also, their goals of life, like buying a new bigger comfortable house, family protection, education fund, personal saving, emergency cash and retirement fund that cannot gained. Apart from the material life effect, unemployment indirectly causes the most profound effect that is on spiritual life. There is not enough money to spend their expenses daily, they have to borrow money from their family, friends, neighbor or anyone can help them.
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Or what is worse, they get a loan from the bank which they are unable to repay it. And it is those things that make them low self-confidence and even self-esteem. Sometimes they are also obsessed by hearing the complaints and feeling disapprovals of their relative and of themselves. Over a long period of time, they gradually let themselves fall into a severe depression and a desperate situation. According to the recent death surveys, suicide rate originating from unemployment is higher and higher; about 20 percentages in total death rate.
Briefly, there are the two main long term effects that I have just show, it is sure certainly that none of us wants to experience out of work, especially in the current economical situation. Personally, if unfortunately, you are out of work, you should keep your optimism. Because spirit is an important element, strongest power can help you to overcoming your challenge of life and achieve the certain targets. When you think you can do, you can do it better.