The cost of living crisis is where essential goods and services, such as food, housing, and healthcare, increase significantly, making it more difficult for people to afford basic necessities. This can lead to financial strain, reduced purchasing power, and difficulty in standard of living.

Here are 5 ways that the cost of living crisis is fueling stress.

1. Depleted savings
   • With the increased cost of goods, rising bills and stagnation of wages, many people are turning to their savings to survive. However, relying solely on savings may not be sustainable in the long run.
2. Increased debt
   • The cost of living crisis primarily affects individuals in lower-income households, leading them to rely on debt to make ends meet. Those with limited savings either resort to loans or face difficulties repaying their debts.
3. Poor health
   • Failing to access essential goods can lead to psychological distress and stress, which can result in physical health problems. Limited medical access due to overwhelmed services can exacerbate feelings of despair, making it even more challenging.
4. Sleep issues
   • The constant worry about making ends meet can lead to sleepless nights and even more serious health issues like insomnia. It’s important for those experiencing money problems to seek support and resources to help alleviate their financial burdens and improve their mental and physical health.
5. Mental health problems
   • The pandemic, welfare setup, and availability of social and health services are already throwing mental health for a loop, hitting hard on those feeling the pinch of the cost-of-living rollercoaster.

It is crucial to seek assistance for financial matters; do not bear the burden alone.

Further reading:

Cost-of-living crisis: experts share 3 survival tips