The cost of living crisis in the UK has undeniably had a profound impact on young people. Rising prices, especially in housing, energy and basic necessities, can place significant financial strain on young adults, making it more challenging to save, invest and plan for the future. Housing costs, in particular, have surged, making it harder for young people to step onto the property ladder or afford rental prices.
A Sense of Powerlessness
The Prince’s Trust found that 73% of young people they interviewed were anxious about their futures. Many young people in the UK feel powerless in the face of the cost of living crisis. While some may engage in activism and protests and advocate to raise awareness to call for change, many young people feel their individual efforts won’t make a significant impact.
Financial Stress
One of the primary ways in which the cost of living crisis impacts mental health is through financial stress and anxiety. Many young adults find themselves constantly grappling with the pressure of making ends meet. Soaring housing prices, combined with stagnant wages and inflation, means that securing a stable place to live is often a significant source of stress.
Young people are forced to take on significant levels of debt to cover their living expenses. Student loans, credit card debt and other financial obligations can become a source of constant worry. The fear of accumulating insurmountable debt and the pressure of repaying loans contribute to emotional distress, exacerbating any mental health issues. For those wishing to help, you can access mental health training courses like those at tidaltraining.co.uk/mental-health-training-courses/.
In conclusion, the cost of living crisis in the UK has a huge impact on the mental health of young people. It generates financial stress, debt burdens, social isolation, and an uncertain future, all of which can lead to anxiety and depression. Addressing the issue requires a comprehensive approach that encompasses access to mental health services and financial education to support the well-being of the younger generation as they navigate the challenges of today’s economic climate.