More than two thirds of people are worried about the impact of the cost of living crisis, with many expecting their situation to worsen over the coming months.
According to the Inflation Nation report by Yorkshire Building Society, which surveyed around 4,000 people, 67 per cent, are worried about the impact of the cost of living crisis.
The vast majority, 75 per cent, expect their household outgoings to rise, with 41 per cent predicting it will go up by between £101 and £500 in the next few months.
Nearly four in 10, 39 per cent, of those surveyed have already dipped into savings in the last year to cover basic costs and a 35 per cent expect to do so in the future.
This has led to around half, 46 per cent, reporting worse mental health due to stress because of the cost of living crisis.
Stephen White, interim chief executive of Yorkshire Building Society, said: “Much has been written about the devastating financial impact of the ongoing cost of living crisis on British households, with a number of measures announced by the government in an effort to combat rising fuel and utility costs.
“However, what we have been able to reveal today is the shocking, severe impact the crisis is having on our nation’s mental health – with almost half of all adults already reporting a deterioration in their mental state as a direct result of rising prices and inflation.”
He said the mutual was committed to supporting people across all ages hit by the cost of living crisis and it had set aside more than £1.8m of investment over two years to support skills, employment, financial education and wellbeing.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
