This can be easily debated but I will give you examples of why someone would pick either path.
True: It can be a state of mind because of loss of something even if they are still financially something, like a friend, family member, or even a rejection to that project you were working on for something relating to work.
False: This is false because it is not just the state of mind, it goes deeper down the road. It is the point of actually being financially unstable and having problems such as the depression where it was actually that bad and not just complaining about it being “like” that.