The cost of living crisis and mental health

Recent findings indicate that financial pressure is now the leading cause of stress outside of work, outranking parenting, relationships and bereavement. Being in a poor financial situation will have a direct detrimental effect on an individual’s mental health, producing physical and psychological symptoms such as loss of sleep, poor concentration and reduced motivation. People aged 25-34 are most likely of any age group to cite financial pressure as a source of stress, and more women are affected than men. During times of challenge, it is important not to self-isolate but to draw on our social networks for emotional and practical support and to offer support to others. Make sure you check in regularly with family and colleagues. If you are a manager, ask explicitly about the financial wellbeing of your staff members and be sure to signpost to any benefits provided by your organisation.

Mental Health Retreats are currently the highest ranking category on our website in terms of search volume. So far indicators suggest that this is an on-going result of lockdowns and the challenges that people have faced since, such as relationship breakdowns, anxiety and stress. We are yet to see conclusive evidence of the current cost of living crisis filtering through into our enquiries, but the volumes are trending upwards, so I think it is only a matter of time.

It's tough to focus on your mental health when you're having financial struggles, because a lack of security can be one of the biggest mental health triggers we can face. Like with many mental health problems, it's best to face it head on and acknowledge if you're struggling. Reach out to support services like Citizen's Advice Bureau, or use trusted sources such as Martin Lewis to start action planning your finances to find the best way forward. As counter productive as it might sound, set time aside to worry. Set aside half an hour, and put your concerns on paper. Getting your worries out of your head allows you to have a bit of perspective and review them with more of a rational head, instead of one fuelled by panic. When you see them all written down, it should help you to prioritise them and make some plans.

I have definitely seen a rise in clients worried about the cost of living and the amount of clients coming in with anxiety has shot up. Constant news stories about the crisis, combined with worried conversations at work, are sending people into a flight or flight mode of thinking, where emotions (often fear) are running sky high. This tends to block logical and creative thinking, which stops people thinking about solutions and instead keeps them imagining worse case scenarios. My first piece of advice would be to bring yourself out of this emotional state. Practise some deep breathing into the abdomen (a count of seven in, and 11 out is especially useful) to calm yourself down. Think about what else works for you - it could be walking, meditation, watching a favourite film: anything to get you out of the panic. Then, perhaps with a calm friend who can keep you centred, go through what's coming in, and what's going out. Sometimes it's the unknown that makes us anxious. Once we have the figures, our brains are more likley to get creative about how to cut down or bring in more.