Substance abuse is increasingly becoming an issue for many Americans. According to the National Institute on Drug Abuse, over 20 million Americans have a substance use disorder.
When one suffers from a substance use disorder, it not only can have a profound impact on his or her physical and psychological health, but on his or her financial health as well. Substance abuse can have a significant impact on a person’s ability to make a living and support themselves or their family. In addition, it can create a variety of legal and financial repercussions that can last for years.
The immediate costs of substance abuse can be significant. According to the National Drug Intelligence Center, they estimate that substance abuse costs the United States an estimated $193 billion a year. From an individual’s viewpoint, an addiction can lead to many costly outcomes such as missed work, additional medical bills, and legal expenses.
Often times, people with addiction use the majority of their disposable income to purchase drugs. By doing this, they are creating a situation where they cannot save up money in case of an emergency. This lack of an emergency fund can result in a person having to take out loans or to receive aid from family or government welfare.
In addition, substance abuse can lead a person to engage in criminal activities in order to support their habit. For instance, a person may steal or sell drugs in order to pay for their substance abuse. This often leads to a number of legal issues, which come with costly fines and court fees. Being convicted of a crime, especially one related to drugs, can make it extremely difficult for someone to get a job or housing later on in life.
Substance abuse also can lead to a decrease in a person’s productivity if it affects their mental health, energy, or cognitive functioning. This can significantly impact a person’s job performance, making it more difficult for them to hold down a steady employment. Even if someone is able to keep their job, their job performance may be diminished, resulting in less pay.
Furthermore, the financial repercussions of substance abuse can extend to those around a person suffering from an addiction. The burden of taking of care of someone with an addiction can be overwhelming. Families may have to take on extra financial responsibilities, such as providing for their loved one’s basic needs or helping them with legal fees. As a result, the family’s financial situation can suffer.
The financial repercussions of substance abuse are wide ranging, and the costs can extend far beyond what is initially paid for drugs or services. The financial impacts of addiction can be long-lasting and affect all aspects of a person’s life. In order to prevent and effectively treat substance abuse, it is important to recognize the financial ramifications of addiction so that they can be addressed as part of a comprehensive treatment plan.