Anxiety about the cost-of-living crisis is affecting 77% of adults in the UK. Over the last year, we have had the highest inflation rate since the 1980s [1]. As you can see on our infographic, this has led to a rise in the cost of food, gas, electricity, and fuel [2].
We are hopeful that the inflation rate does decline in 2023, as we believe this could significantly improve the countryās mental health crisis, given that the cost-of-living crisis has negatively impacted mental health in the UK.
However, there is no quick fix for the anxiety that many people are feeling, 31% of people earning less than Ā£10k per year are very worried about the current crisis. Some of these people may recover well when the financial situation stabilises.
However, others will have hit rock bottom, and the improved financial situation will not solve all of their problems. For example, they may have developed an addiction due to the depression they have experienced, and this is not something that will disappear overnight [3].
They may have distanced themselves from their friends due to contrasting financial circumstances ā especially if they couldnāt afford to join in with activities anymore. Again, this will not necessarily be resolved immediately; the effects of friendship breakdowns could continue for a long time.
References
[1] UK inflation could fall rapidly as energy prices drop, says Bank boss https://www.theguardian.com/business/2023/jan/16/uk-inflation-could-fall-rapidly-as-energy-prices-drop-bank-of-england-andrew-bailey
[3] Rishi Sunak pledges to slash inflation in half this year as PM outlines vision in major speech https://www.standard.co.uk/news/politics/rishi-sunak-speech-economy-inflation-promises-politics-b1050771.html
[3] See alcohol rehab in Bedfordshire page for more.