Mental Health & Money Are More Connected Than You Realize, Study Shows

When we think about the toll of depression, we often focus on its emotional and physical effects, whether it's the persistent sadness, fatigue, and difficulty finding joy in everyday life. But a new study1 reveals that depression's impact extends far beyond mental health: It can significantly affect your income for a decade or more.

The study compared the earnings of people diagnosed with depression to similar individuals without the diagnosis, tracking their income trajectories over 10 years. The results were striking.

By year 10 after diagnosis, men with depression earned approximately 14% less than their peers, while women trailed by about 10%. Unlike other serious health conditions, where income often stabilizes or recovers over time, depression's financial impact continued to widen year after year.

The study also revealed that certain groups face an even steeper financial toll. Young workers, particularly those under 30 at the time of diagnosis, saw income losses that accelerated over time, peaking between 7 and 10 years post-diagnosis.

Men aged 25 to 29 with depression lost 19.6% of their peers' earnings by year five. And for those who were students when diagnosed, the impact was even more severe: Men in this group lost 26.9% of comparable earnings.

These findings suggest that depression during formative career years may disrupt the trajectory of skill-building, networking, and advancement that typically happens in early adulthood—creating a compounding effect that's difficult to reverse.

It's important to note that this is observational research, meaning it shows a strong association between depression and income loss, not direct causation. The study also focused on people diagnosed in hospital settings, which may represent more severe cases.

If you're experiencing symptoms of depression (persistent sadness, loss of interest in activities, changes in sleep or appetite, difficulty concentrating, or feelings of hopelessness) reaching out for support is one of the most important steps you can take. Here are some ways you can do that.

Talk to a healthcare provider: A primary care doctor, psychiatrist, or psychologist can help assess your symptoms and recommend treatment options, which may include therapy, medication, or a combination of both.

Find a therapist: Cognitive behavioral therapy and other evidence-based approaches have been shown to be effective for depression. Many therapists now offer virtual sessions, making access easier than ever.