Monday, August 15, 2022
HomeBusinessFood Spending and Mental Health Drop Due to Rising Prices

Food Spending and Mental Health Drop Due to Rising Prices

According to a BBC-commissioned poll, people dealing with rising living costs are cutting less on meals and vehicle trips to save money.

More than half of the 4,011 respondents polled (56%) said they had bought less goods and skipped meals.

The findings show the far-reaching consequences of prices growing at their quickest rate in 40 years.

Many people have reduced their expenditures on clothing and social activities. Some people claim that their mental health has been harmed.

Two-thirds of those polled also believe that government assistance has been insufficient thus far.

The BBC-commissioned poll of 4,011 UK adults conducted in early June sheds light on how the current economic situation is impacting people’s financial, physical, and emotional well-being.

Domestic electricity, gasoline, and food prices have all risen dramatically in recent months, according to the data, and more than eight out of ten consumers (81%) are concerned about growing living costs.

Concern has risen since the beginning of the year, when 69 percent of those polled expressed concern in a comparable BBC poll.

Two-thirds (66%) of those with fears indicated it was affecting their mental health, according to the latest findings. Nearly half of those surveyed (45%) claimed their physical health had been harmed.

Due to rising prices, the government has announced a package of financial assistance aimed particularly at low-income people. This includes a £400 energy bill discount in October, as well as £650 in payments to persons on means-tested assistance. Pensioners and disabled billpayers will receive extra this winter.

However, according to the BBC poll, 64% of those polled believe that this support is insufficient to help them cope with growing living costs.

On top of what had previously been supplied, Chief Secretary to the Treasury Simon Clarke said disadvantaged households will get £1,200 as part of a “very considerable” amount of help.

He said the first payments would be sent in July and would continue through the fall to counteract the main cause of growing family costs, which he claimed was energy bills.

“Of course, it has yet to trickle through to people,” he told the BBC, “which is why I suppose people are saying they want more help.”

“As the process progresses, it will become evident that this will be a full package.”

The financial authority has previously issued a warning to lenders, stating that they must do more to assist people in financial distress and support vulnerable consumers as a result of growing household prices.

“Those who are in debt should take action as soon as possible,” said Sheldon Mills of the Financial Conduct Authority.

Bob Carlson
Bob Carlson
Bob Carlson is a business journalist, with over a decade of experience in the trenches of reporting up-to-date business news for publications all over the world. With a wealth of knowledge at his back, Bob strives to bring the most important insights into the business world for TheOptic daily.
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