Changing levels of estrogen and progesterone in women during menstrual cycles are associated with mood changes for women throughout most of their lives. As estrogen levels drop during perimenopause and menopause, some women experience changes in their cognitive and mental health. For men, low testosterone levels (low T) can increase symptoms of anxiety and depression, along with loss of memory. Estrogen, testosterone, and progesterone also contribute to blood flow in your brain which helps protect against loss of memory and even dementia.