The Mental Health Cost of the Cost Of Living Crisis

TO new report (from MQ Mental Health Research and the University of Glasgow with support from the Lord Mayor’s Appeal) offers practical advice from which we can all draw hope.

It is undeniable, right now, we in the UK are experiencing a cost of living crisis. Many of us are feeling the strain on our mental health. Financial stress can put a great deal of pressure on our well-being.

The full extent of the impact, or cost, of the current cost-of-living crisis is not yet known, but thanks to the Mental Health Foundation we know:

• 1 in 10 people say they feel hopeless about their financial situation
• 1 in 3 people say they feel increased stress and anxiety

What makes it harder for some?

Economically difficult times can affect people in a number of different ways. Some people will be more affected than others in terms of mental well-being and this is not always due to pre-established financial security alone. These kinds of difficult times will be different for each person individually depending on their personal circumstances and many factors. These include:

• Our genetic predisposition to mental illness
• levels of inequality
• support structures we can access / relationships with friends and family

So how can we protect people’s mental health during the cost of living crisis?

The report reviews past economic crises and the trends that have emerged as a result, learning from the past to protect our future. To recognise, honor and learn from the present as well, the report consulted people with lived experience of mental health conditions, people who work with charities, health professionals and researchers themselves.

Thanks to all this work, the report extracts some clear ideas about how we can take care of our own mental well-being and that of others during this particular financial challenge.

So what is the solution?

There is no one size fits all solution to help everyone get through this economic crisis that could lead to mental health crises.

Instead, researchers have created recommendations for different sectors that focus on being:

• Actionable
• Compassionate
• evidence based

This means that we can implement these recommendations as a society, both as individuals and in our organizations and communities, to help support people and prevent further declines in mental well-being during this difficult time.