The cost of living crisis means we鈥檙e all paying a lot more for our basic daily essentials and many more people are struggling to make ends meet.

The rising cost of those essentials 鈥� such as energy, food, and housing 鈥� brings with it rising levels of worry, stress and anxiety.

Our member Simon Coombs says that if basic necessities are threatened people can lose their ability to thrive and anxiety increases.

You're not alone

鈥淭his taps into Abraham Maslow's hierarchy of needs, the base line being food, water, and shelter,鈥� said Simon. 鈥淪o when making ends meet in these areas is threatened, this creates uncertainty.

鈥淚t feeds anxiety and depression as feelings of helplessness and despair can take hold.

鈥淲e can become uncertain and feel disempowered and fearful. This drives emotional exhaustion and, ultimately, depression.鈥�

If you鈥檙e anxious about the cost of living, you鈥檙e not alone.

Our annual Public Perceptions Survey, carried out with YouGov, found that 40% of people in the UK feel anxious or nervous about whether they can pay their bills.

16% of the UK public are losing sleep over the rise in the cost of living and almost one in five (19%) are cutting back on activities which help their mental health, such as gym membership.

Financial anxiety

Simon, founder and director of , said money worries, in particular, are based on debt.

鈥淚t鈥檚 not just an inability or struggle to pay for the things we need, but also the toxic ingredient of debt,鈥� he said. 鈥淚t鈥檚 debt and the fear and insecurity it creates which attacks our psychology.

鈥淲e feel at risk of loss 鈥� loss of the roof over our head, loss of choice in terms of what we can or can't afford, when we鈥檙e warm or when we can eat.鈥�

Simon said that financial anxiety could be obsessing about energy costs and savings, switching everything off, checking gas and electric meters.

鈥淐onstantly overthinking,鈥� he added. 鈥淚t can also mean avoidance. Not answering calls or emails, or panicking when the post arrives.鈥�

Try to take control

The key thing in dealing with financial anxiety is to take back some control, said Simon.

Make a list of your money coming in against outgoings. Make a budget. Perhaps consider your employment options. Are there vacancies offering more pay or hours than you currently have?

As energy prices continue to rise sharply, installing a smart meter can give you some certainty, said Simon.

鈥淚f you鈥檙e in debt, you must pick up the phone and talk, or have someone alongside you when you do,鈥� he said.

鈥淢ost major organisations, such as mortgage lenders and utilities, can offer payment holidays or sensible repayment plans.

鈥淏ut until they鈥檙e notified they can鈥檛 be offered and your payment agreement changed 鈥� so taking action is always the best option, even if it feels scary.鈥�

Counselling

Simon said speaking to a registered counsellor can help with anxieties around money. Visit the how to get therapy page of our website to find out where you may be able to get access to free counselling services.

Simon said: 鈥淵ou can take your concerns to counselling and receive non-judgemental support. It鈥檚 never too late to take action.

鈥淲orries float in our heads and drive our negative emotions.

鈥淗aving a concern rather than a worry means you can do something to change or help your current position. A worry just keeps you awake at night.

鈥淢ake a to do list. All can be relevant actions that you can take to give you back some more control when you may feel totally out of control at the moment.

鈥淓ven making a list is taking action. Making a call or sending an email is taking action. Doing nothing isn't an option.

鈥淭he more you take action the more in control you鈥檒l feel, even though we can acknowledge times are going to be tough for us all.鈥�