The cost-of-living crisis. Concern over the increase in energy prices for both individuals and businesses is at its very height.
The increase in the base rate of .five per cent has an impact on mortgages. While the fluctuation in fuel prices seems to have levelled off, the war in Ukraine and the ongoing changes due to Brexit compound the worry and stress many feel.
The struggle is very real for many of us, with some people in society feeling it more profoundly than others. You may have heard the saying that “everybody is in the same storm, but we are all on very different boats.”
In February of this year, the Cambridge Chambers of Commerce published an article talking about the cost of doing business crisis.
And, if you are a business owner, you will understand the urgency of making our businesses a success or developing new strategies to ensure they survive these difficult days.
In a recent article in The Independent, Dr Adrian James, Head of the Royal College of Psychologists, said that the mental health of the nation faces a “threat of pandemic proportions” due to the deepening cost of living crisis.
Currently, one in five British adults with a mental health difficulty has a problem debt.
Depression and anxiety can affect anybody at any time, and there are many factors that contribute to this, and at this point, it is also important to understand that this also applies the other way round.
Work can sometimes be the reason people develop mental ill-health, thus starting a vicious cycle that can be exceedingly difficult to get out of.
Depending on the length and severity of the illness, the knock-on effects can be catastrophic.
ABC Life Support, in St Neots, have been commissioned by the CHS Group in partnership with Cambridgeshire County Council to help agencies such as the CAB, CPFT and others to understand the basics around Mental Health, Mental Ill-health and Mental Illness and the correlation between these and problem debt.
Being able to help support those who are on the front line in this crisis has been truly rewarding.
Each of the charities we are working with is facing the mental health impact of debt and money concerns every single day.
While there is support from charities, there are also other places to look for help, especially if you are an employer.
EAP – An Employee Assistance Program which offers the organisation access to phone lines and support for anything ranging from apps that help support wellbeing to practical advice around all aspects of one's life.
ACAS - www.acas.org.uk - Making working life better Acas gives employees and employers free, impartial advice on workplace rights, rules, and best practice. We also offer training and help to resolve disputes.
Citizens Advice - www.citizensadvice.org.uk - Citizens Advice is an independent organisation specialising in confidential information and advice to assist people with legal, debt, consumer, housing, and other problems in the United Kingdom.
If you are concerned for someone’s mental health due to money worries, the following websites can also offer practical support:
www.mentalhealthandmoneyadvice.org/en
www.mind.org.uk/information-support/tips-for-everyday-living/money-and-mental-health
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