Jan232023
Other

When anyone is in a precarious financial situation, regardless of their usual mental state, they are likely to experience some anxiety – Money Anxiety (1). It is a natural result of feeling out of control, and not being able to predict a stable, secure future for yourself and your family.

So, what happens when financial precarity strikes an entire nation, causing the majority of people to have to cut back on their spending? Our infographic tells us exactly what happens: nationwide anxiety. 81% of women and 73% of men in the UK admitting to being worried about the cost-of-living crisis, demonstrating that it is not just people in poverty who are feeling anxious.

That being said, you will see that people with less money are much more worried about the rising cost of living, as you would expect (2). Nearly one in three people earning £10,000 or less are very worried about the crisis, whereas only 12% of people with £50,000 or more per year are very worried.

Though low salary is an important factor in the nationwide anxiety, it is not the only one. Disabled people are more likely to be worried, with 35% of this group feeling ‘very worried’, compared to just 19% of non-disabled people. Parents with young children are also feeling more anxious, with 90% of parents with a 0–4-year-old feeling very worried, compared to only 76% of the rest of the population.

We know that both of these groups (people with disability and people living with their young children) are at a much higher risk of developing an addiction (3), due to the high stress that they are likely to experience on a daily basis (4). This means we should be watching these groups in particular, and supporting them to ensure their mental health is taken care of at this trying time.

References

[1] Money Anxiety Is Common, But You Don’t Have to Handle It Alone https://www.healthline.com/health/anxiety/money-anxiety

[2] WAGES AND WELLBEING: THE LINK BETWEEN LOW PAY AND POOR MENTAL HEALTH https://www.livingwage.org.uk/news/wages-and-wellbeing-link-between-low-pay-and-poor-mental-health

[3] More can be found at Rehab Recovery – Drug & Alcohol Rehab in London article.

[4] Intellectual and Developmental Disabilities and Alcohol Abuse https://www.alcoholhelp.com/alcohol/victims-alcoholism/intellectual-developmental-disabilities-alcohol/

When anyone is in a precarious financial situation, regardless of their usual mental state, they are likely to experience some anxiety – Money Anxiety (1). It is a natural result of feeling out of control, and not being able to predict a stable, secure future for yourself and your family. So, what happens when financial precarity strikes an entire nation, causing the majority of people to have to cut back on their spending? Our infographic tells us exactly what happens: nationwide anxiety. 81% of women and 73% of men in the UK admitting to being worried about the cost-of-living crisis, demonstrating that it is not just people in poverty who are feeling anxious. That being said, you will see that people with less money are much more worried about the rising cost of living, as you would expect (2). Nearly one in three people earning £10,000 or less are very worried about the crisis, whereas only 12% of people with £50,000 or more per year are very worried. Though low salary is an important factor in the nationwide anxiety, it is not the only one. Disabled people are more likely to be worried, with 35% of this group feeling ‘very worried’, compared to just 19% of non-disabled people. Parents with young children are also feeling more anxious, with 90% of parents with a 0–4-year-old feeling very worried, compared to only 76% of the rest of the population. We know that both of these groups (people with disability and people living with their young children) are at a much higher risk of developing an addiction (3), due to the high stress that they are likely to experience on a daily basis (4). This means we should be watching these groups in particular, and supporting them to ensure their mental health is taken care of at this trying time.
The WFA
Author: The WFA