The cost of living crisis is a term that describes the situation where people are struggling to afford the basic necessities of life, such as food, housing, energy, transport, and health care. The cost of living crisis has been affecting millions of people in the UK for more than a year, and it shows no signs of easing. In fact, it is expected to worsen in the coming months, as inflation rises, wages stagnate, and social security benefits are cut.
The cost of living crisis is not only a financial problem, but also a mental health problem. According to a recent survey by the Mental Health Foundation¹, 59% of UK adults say that the cost of living crisis has had a negative impact on their mental health, such as leaving them feeling anxious, depressed, or hopeless. For some people, the psychological impact has been particularly acute, with more than 1 in 5 (21%) saying they have felt “unable to cope” due to rising costs.
The link between financial stress and mental health is well-established by research. Financial stress can increase the risk of developing or worsening mental health conditions, such as depression, anxiety, and suicidal thoughts². Financial stress can also affect people’s ability to cope with other life challenges, such as work, relationships, and physical health. Financial stress can also create a vicious cycle, where poor mental health makes it harder to manage money, which in turn worsens mental health. Cycles like these are hard to escape and, unfortunately, are becoming far more common.
Protecting our mental health during the Cost of Living Crisis is far from easy — sometimes it’s not one big solution, but a combination of small steps to help us manage. Here are some tips that may help
The cost of living crisis is a serious and urgent issue that affects our mental health. We need action to address the root causes of the crisis, such as low wages, high prices, and inadequate social security. We also need the government to ensure that their decisions benefit people’s mental health, especially those most at risk of financial strain. But until that happens, we can also take steps to protect our own mental health and support each other.
Here at Smart TMS, we’re committed to providing an open, inclusive space for our patients to discuss their mental health. If the cost of living crisis is impacting you, speak to your practitioner and see what support they can provide.