Cost of Living Crisis Forcing Cut-Backs, Impacting Mental Health
In the April 2023 edition of our Research with a Purpose Omnibus, 97% of respondents reported feeling at least a little worried about the Cost-of-Living Crisis. This is a slight increase from October 2022, when 95% stated that they were worried about the rising cost of living.
Of the 97% who expressed concern, 32% were very worried. Amongst the 25-34 age group, this proportion rose to 45%, while it fell to 19% among those aged 65+, showing varied experiences of the rising Cost-of-Living.
When asked about their concerns, the most common worries were not being able to heat their homes (46%) and not being able to afford groceries (42%). Approximately four in ten respondents were concerned about going into debt as a result.
As a result of these concerns, respondents reported cutting back on their household spending. The most common areas where cutbacks were made were eating out/takeaways (57%), utilities (55%), and groceries and personal products (both 44%). Despite changing grocery shopping habits, only 14% stated that their dietary/food requirements had been altered due to rising food prices.
Understandably, those who are worried about the cost of living are more likely to report making cutbacks. For example, 59% of those who are worried had cut back on eating out/takeaways, compared to 19% of those who are not worried. In general, the proportion of those who are not worried about the cost of living stating they were making cutbacks in any one area does not exceed one in five (19% for eating out/takeaways and use of utilities; 14% for personal products and social activities).
In April 2023, 49% of respondents indicated that the cost-of-living crisis was having an impact on their mental health. This is an increase from October 2022 when 42% stated that the crisis was having a negative impact on their overall mental wellbeing.
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