With the cost of food, fuel, utilities and other household bills rising, many of us are feeling the pinch and worrying about our finances. In fact, a study by the Greater London Authority has revealed that one in five Londoners (19%) are struggling financially and, according to research by the Office for National Statistics, more than three quarters (77%) of adults in Great Britain say they are very or somewhat worried about the rising cost of living.
Earlier this year, Adam Scorer, Chief Executive of National Energy Action, noted that, “For those in or at risk of fuel poverty, [soaring home energy bills] could spell disaster; not just financial hardship, but to their physical and mental wellbeing”. Indeed, money worries can be extremely stressful and can affect your mental health in lots of ways, including keeping you awake at night and isolating you from family and friends.
Support organisations are already seeing the impact of the cost of living crisis (in July alone, Samaritans received 12,000 contacts that mentioned finance or unemployment) and, with a known link between mental health and debt, there is concern for the months ahead. Whilst the UK Government’s Energy Bills Support Scheme and Cost of Living Payment have been welcomed, many Londoners still face financial pressure.
If you’re feeling the strain financially and things seem overwhelming, you can take small steps to help you stay mentally healthy. The team at Good Thinking, London’s digital mental wellbeing service, has put together this article to give you some practical tips and links to support organisations. We hope that our advice and free resources help you to get through these challenging times.