The cost-of-living crisis is firmly affecting the vast majority of households in the UK. In fact, according to the Office for National Statistics (ONS), 92% of adults in Great Britain reported an increase in their cost of living in November-December 2022. As well as this, The Office of Budget Responsibility (OBR) expects real post-tax household income to fall by 4.3% in 2022-23. This is the biggest fall since comparable records began in 1956.
Naturally, due to the stress and pressures money troubles bring to people’s minds, this will have a huge impact on the nation’s mental health. Many households will have to choose between ‘heating and eating’ for a substantial amount of time. With no sign of energy bills dropping anytime soon, it seems as if the cost-of-living crisis will be with us for the considerable future.
The amazing Rehab Recovery is an organisation that provides addiction treatment and healthcare advice for a wide range of different addiction and dependency problems. They’ve provided us with a hugely insightful infographic which explores how the cost-of-living crisis is affecting different demographics’ mental health across the UK. Take a look below:
We hope this has outlined to you how the cost-of-living crisis is affecting the nation’s mental health. If you’d like to know any further information on anything mentioned, or anything accounting related for that matter, please do not hesitate to get in contact with us at Nordens, where one of our trusted advisors would be happy talking you through your query.