If you are feeling the effects of the rising cost of living, you are not alone. In fact, over 66% of therapists practicing in the UK have come forward to say that the cost of living crisis is causing many people’s mental health to suffer.
Despite Coronavirus emerging over 2 years ago, people worldwide are still feeling the harsh effects a global pandemic can bring.
While the cost of energy keeps on rising – so do the rates of mental illness.
As supply chains are disrupted, rumours of food shortages are hitting the web, the world’s Governments are at war, inflation continuing to increase, and people still attempting to get back on their feet after Covid it is no surprise we are seeing depression and anxiety emerging at far greater rates than ever before.
Let’s explore the cost-of-living crisis a bit more and discuss a few ways to keep your mental health in check, despite the toughest of times.
What Issues are Arising Due to The Cost-of-Living Crisis?
Nearly everyone, no matter where they live, has built their life on an ever-changing, but steady, predictable economy. People have taken out loans, purchased homes, and started families within the means of themselves and the society they live in. This invisible cloak of safety has allowed individuals to plan for not only today, but their future, while subconsciously assuming the health of the economy is going to stay (relatively) the same.
So, when everything suddenly takes a massive leap in price, what issues are likely to arise?
Individuals are Experiencing a Housing Crisis
For one, many countries are experiencing a housing crisis. Since many homes are now becoming too expensive to afford, and banks are less willing than ever to give out loans, many families are at risk of experiencing homelessness.
Even rent in many countries has increased at greater rates than ever seen before, leaving houses and apartments out of the question for many families. In countries where credit scores are used to determine renting eligibility, families in debt from the global pandemic are now finding doors shut in their faces left and right.
Families are Going Without Their Needs
In addition, many are struggling to put food on the table as inflation and supply chain disruptions are causing price hikes above normal budgets. This has left many people to choose between other essentials and food. This can take a massive toll on an individual’s mental health as they are now being forced to choose between two things they never once would have imagined.
For example, a survey was conducted among UK citizens by the Money and Mental Health Policy Institute to understand just how big of an impact the rising costs of energy were taking on the day-to-day lives of once middle-class families.
The results? 46% of individuals were reducing the number of meals they were eating per day just to heat their homes.
How Does Money Play a Role in Our Mental Health?
Financial struggles surrounding money go far beyond our wallets. Problems with money can impact anything from our physical health, our relationships, and our mental wellness.
Not only can money troubles directly influence our personal lives, but they can also cause us to experience much lower levels of self-esteem, confidence, and ultimately drive us to engage in unhealthy coping mechanisms.
When we spend our days worried about how we are going to make ends meet, we do not give our brains any time to rest. This can cause major disruptions in our sleeping patterns – causing mood swings, irritability, and can put us at a greater risk for developing depression and anxiety.
To escape these stressful thoughts swirling around in our brains, we may resort to drinking alcohol, abusing substances, gambling, excessive sex, or other activities that are harmful long-term.
Whilst these coping techniques may give us momentary relief, they only worsen our mental health.
How Rising Costs are Damaging our Mental Health
According to a 2021 annual report conducted by the Money and Mental Health Policy Institute in the UK, large percentages of people reported experiencing a major toll on their mental health due to the rising costs of living.
Those already experiencing mental health problems were twice as likely to report being unable to successfully cope with these inflated prices. For a group already at risk, these statistics are devastating. Many individuals have reported being unable to sleep at night due to excessive worry about how they will put food on the table or support their families. This makes managing their mental health (such as depression or anxiety) nearly impossible.
When each day is spent getting hit with one wave after another of unrelenting bills, past due payments, and dwindling savings accounts, it is no wonder the UK is seeing a spike in mental health problems.
Not only this, but many who are struggling financially are making devastating decisions to cut back on activities that benefit their mental health. 49% of therapists in the UK have stated that individuals feeling the effects of the rising cost of living are now opting out of gym memberships and other community activities.
What Can You Do About Your Mental Health During These Price Increases?
With families all over the UK being hit with over a 54% energy bill increase, take heart knowing you are far from alone in your mental health struggles. Whilst many individuals are waiting on the government to step in and intervene, it is important to take time to care for yourself despite how overwhelming this crisis can feel.
Meditation in the morning, as well as journaling about your money troubles, can both help ease those feelings of stress and anxiety and promote better, deeper sleep. While it may not make your financial strain go away, you will be more equipped with a clearer head to deal with whatever may come your way.
Orchestrate Health offers bespoke mental health services that you can access from the comfort of your own home or within your community, with rapid response times and even daily visits if needed. Orchestrate Health can provide help for those struggling with a mental health condition, and remove the inconvenience of travelling to and from appointments.
Sources:
https://www.mentalhealthandmoneyadvice.org/toolkit/
https://www.moneyandmentalhealth.org/publications/annual-impact-report-2021/
