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Cost of living crisis: how to protect your money and mental health

As the cost of living increases, we’re looking at how you can mind both your money and your mental health

By Nick Murray · May 31, 2022

As the cost of living increases, we’re looking at how you can mind both your money and your mental health

Recently, it’s felt like we’re stuck in a stream of mounting pressure, as we’ve faced one thing after another. And with the cost of living on the rise, many of us will be worried about the immediate future.

The Resolution Foundation Think Tank estimates that an extra 1.3 million people will fall into absolute poverty in 2023, including 500,000 children – and middle-earners will likely also feel the strain as bills and monthly outgoings rise.

It goes without saying that this is going to have an impact on our mental health, as financial wellbeing and mental health are connected. In a survey of more than 1,000 people by the mental health charity Mind, 73% reported that when their mental health is poor, they struggle more to manage their money, and 74% also said that difficulty managing money then went on to affect their mental health.

“If you live with mental illness you may be on a reduced income, face increased costs, or find it hard to budget, while money worries can also place pressure on your mental health, leading to increased stress, worry, and anxiety,” Laura Peters, head of mental health and money advice at the charity Mental Health UK, explains. “This can create a worrying cycle that can impact other aspects of your life, such as your relationships, work, or where you live. Improving your financial security and understanding the best way to manage your money can have a hugely positive impact on your mental health.”

To read more of this story click on this link:  https://happiful.com/cost-of-living-crisis-how-to-protect-your-money-and-mental-health/