Research

Growing up "Poor"

feelings of shame and embarrassment b/c of home and financial situation (ex: not having the newest clothes, going to thrift stores, not getting anything for Christmas)
the constant stresses of living in an impoverished household — and in some cases, dealing with abuse or neglect — can create a toxic stress response.
Parents can work 2 jobs and still not have enough to support their family
Lack of money can cause a strain in families and marriages (ex: parents fighting about money) → decline in mental health b/c of the unstable environment
These stressors can increase parental risk for mental health problems and substance abuse, which can diminish their capacity to engage in positive parenting practices (eg, warmth and responsiveness, nurturance, supervision) and increase the potential for child abuse and neglect
Living on a low income can bring multiple stresses such as food and fuel poverty, debt, dispossession, and restricted social opportunities – affecting family relationships, harming parents’ physical and mental health, and contributing to feelings of stigma, isolation, and exclusion for the whole family.

Childhood poverty can mean becoming obsessed w/ money as an adult → always searching for a way to make money to have that "safety net"
Feeling guilty "wasting" money or simply buying things for yourself
Feeling cautious about using money because the of the fear of having it run out
Learning how to be self-sufficient

Once the basic needs are met (ie, food and shelter), higher levels of income have not been shown to be strongly associated with happiness or decreased risk of mental health problems
the more your income increases, the happier you are, up until US$75,000 a year. After hitting that threshold, more income doesn’t make a difference
Today, money and happiness are more strongly related than they were in the past. It seems money buys more happiness than it used to.
Money can be used for education, needs, wants, adding to one's happiness

Two main mechanisms have been posited in understanding the link between mental illness and income: social causation and social selection