When Stock Prices Fall, Antidepressant Prescriptions Rise

Feeling depressed when the stock market is down? You have plenty of company. According to a recent study, when stock prices fall, the number of antidepressant prescriptions rises.

The researchers examined the connection by first creating local stock indexes, combining companies with headquarters in the same state. Academic research has shown that investors tend to own more local stocks in their portfolios, either because of employee-stock-ownership plans or because they have more familiarity with those companies.

The researchers then looked at about 300 metropolitan statistical areas, which are regions encompassing a city with 50,000 people and the surrounding towns, tracking changes in local stock prices and the number of antidepressant prescriptions in each area over a two-year period. They found that when local stock prices dropped about 12.8% over a two-week period, antidepressant prescriptions increased 0.42% on average. A similar relationship was seen in smaller stock-price drops as well. When local stock prices fell by about 6.4%, antidepressant prescriptions increased about 0.21%.

Older and sadder

“Our findings suggest that as the stock market declines, more people experience stress and anxiety, leading to an increase in prescriptions for antidepressants,” says Chang Liu , an assistant professor at Ball State University’s Miller College of Business in Muncie, Ind., and one of the paper’s co-authors. The analysis controlled for other factors that could influence antidepressant usage, like unemployment rates or the season.

In a comparison of age groups, those aged 46 to 55 were the most likely to get antidepressant prescriptions when local stocks dropped.

“People in this age group may be more sensitive to changes in their portfolio compared with a younger cohort, who are further from retirement, and older cohorts who may own less stocks and more bonds since they are nearing retirement,” says Maoyong Fan , a professor at Ball State University and co-author of the study.

Other correlations

When the authors looked at demand for psychotherapy during periods of declining stock prices their findings were similar. When local stock prices dropped by about 12.8% over a two-week period, the number of psychotherapy visits billed to insurance providers increased by about 0.32%. They also found a correlation between local stock returns and certain illnesses associated with depression, such as insomnia, peptic ulcer, abdominal pain, substance abuse and myocardial infarction. But when the authors looked at other insurance claims, like antibiotics prescriptions, they found no relationship with changes in local stock prices.

By contrast, for periods when stocks rise, the authors didn’t see a drop in psychological interventions. They found no statistical relationship between rising local stock prices and the number of antidepressant prescriptions, for example, which the authors believe makes sense.

“Once a patient is prescribed an antidepressant, it’s unlikely that a psychiatrist would stop antidepressant prescriptions immediately,” says Liu.

One practical implication of the study, Liu adds, is that investors should be aware of their emotional state when the market dips before they make investment decisions.

From late 2026 and into 2027, PONANT Explorations Group will base two ships in French Polynesia, offering travellers a choice between a culturally immersive classic and a far more exploratory deep-Pacific experience.

The move builds on more than 25 years of operating in the region with the iconic m/s Paul Gauguin, while introducing the expedition-focused Le Jacques Cartier to venture into lesser-known waters.

Together, the two vessels will cover all five Polynesian archipelagos — the Society, Tuamotu, Austral, Gambier and Marquesas Islands — as well as the remote Pitcairn Islands.

THE PAUL GAUGUIN: CULTURAL IMMERSION, POLYNESIAN STYLE

Long regarded as the benchmark for cruising in French Polynesia, m/s Paul Gauguin will remain based year-round in the region.

Renovated in 2025, the ship continues to focus on relaxed, culturally rich journeys with extended port stays designed to allow guests to experience daily life across the islands.

A defining feature of the onboard experience is the presence of the Gauguins and Gauguines — Polynesian hosts who share local traditions through music, dance and hands-on workshops, including weaving and craft demonstrations.

The atmosphere is deliberately intimate and internationally minded, catering to travellers seeking depth rather than distance.

Across the 2026–27 seasons, the ship will operate 66 departures, primarily across the Society Islands, Tuamotu and Marquesas, with select voyages extending to Fiji, Tonga and the Cook Islands.

LE JACQUES CARTIER: EXPLORATION AT THE EDGE

Le Jacques Cartier introduces a more adventurous dimension to PONANT’s Polynesian offering, with itineraries focused on the least visited corners of the South Pacific.

The ship will debut three new “Discovery” itineraries, each 14 nights in length, which can also be combined into a single, extended 42-night voyage — the most comprehensive Polynesian itinerary currently available.

In total, the combined journey spans six archipelagos, 23 islands and the Pitcairn Islands, a British Overseas Territory rarely included on cruise itineraries.

Unlike the Paul Gauguin’s cultural focus, Le Jacques Cartier centres on exploration.

Each day includes one guided activity led by local experts, with excursions conducted via tenders, local boats and zodiacs. Scuba diving is available on board, supported by a resident instructor.

Across the 2026–27 period, the ship will operate nine departures, offering a deliberately limited and low-impact presence in some of the Pacific’s most isolated communities.

THREE NEW DISCOVERY ITINERARIES

The new itineraries aboard Le Jacques Cartier include:

– Secret Polynesia: Unexplored Tuamotu, the Gambier Islands and the Austral Islands
– From Confidential French Polynesia to Pitcairn Island
– Polynesian Bliss: Marquesas and Tuamotu

Each voyage departs from Papeete, with prices starting from $15,840 per person.

SCOUTING THE PACIFIC’S MOST REMOTE COMMUNITIES

In preparation for the new itineraries, PONANT Explorations Group undertook extensive scouting across the Austral and Tuamotu Islands to develop activities in collaboration with local communities.

José Sarica, the group’s R&D Expedition Experience Director, worked directly with residents to design experiences including welcome ceremonies, cultural workshops and visits to marae, the region’s sacred open-air temples.

Six new ports of call have been confirmed as part of this process, spanning both the Tuamotu and Austral archipelagos.

SIX NEW PORTS OF CALL CONFIRMED

New stopovers include:

– Mataiva, known for its rare mosaic lagoon
– Hikueru, home to one of the largest lagoons in the Tuamotus
– Makemo, noted for its red-footed boobies and frigatebirds
– Raivavae, famed for its crystal-clear lagoon pools
– Tubuai, rich in marae and spiritual heritage
– Rurutu, known for limestone caves and seasonal humpback whale sightings

A DUAL EXPERIENCE, ONE DESTINATION

By pairing its long-established cultural voyages with expedition-led exploration, PONANT Explorations Group is positioning French Polynesia not as a single experience, but as two distinct journeys — one grounded in tradition and comfort, the other pushing into the furthest reaches of the Pacific.

For travellers seeking either immersion or discovery, the South Pacific is about to feel both familiar and entirely new.