How can my team and I cope with the rising cost of living? – Advice from the Experts

Q: I’m struggling with the cost of living rises, and it feels like there’s no end in sight. My team has been expressing worries too. Do you have any advice on how to cope during this time?

Kooth, the UK’s leading online mental health and wellbeing platform, answers:

It’s no secret that the past few months have been a really financially challenging time for lots of people, with 87% reporting a steep increase in their cost of living prices (ONS 2022). To add to this, income tax and National Insurance rates have risen, meaning that people are taking home less income per month – and then having to stretch this even further to cope with higher monthly costs. Changes and freezes to benefits have also left many households short.

Cost-of-living increases have huge implications for many people and, unfortunately, it doesn’t look like things are set to get easier any time soon. Many adults are losing confidence in their ability to handle money and, despite working hard, they’re seeing less money. Rates of stress, anxiety and poor wellbeing associated with financial challenges are on the rise.

With so many factors out of our control, it might feel impossible to know what to do. It’s really normal if money worries are impacting your mental health, and help is available.