The cost of living crisis is causing clear mental health damage, as well as hitting people’s finances, today’s report from the Office for National Statistics shows.
Myron Jobson, senior personal finance analyst, interactive investor, explains: “The overwhelming majority of the sample reported feeling unsettled by the rising cost of living over a period where energy bills soared to almost £700 a year, on average, while the cost to put food on the table and fuel a car also rose significantly.
“The cost of living crunch is indiscriminate, but it has impacted people differently. All of us are noticing our bills go up, but it is felt more acutely by those on low incomes.
“The study also shows that women are more worried about rising prices than men, which could be symptomatic of the gender wage gap, while those aged 30 to 49 years 50 to 69 years were the age groups most likely to report feeling very or somewhat worried about inflation.
“Parents of young children are more worried about rising prices than a those without a dependent child. They have to contend with an additional burden of a rising childcare bill, with nursery fees, snacks and even nappies also on the up.”