Men worry about the rising costs of living

The rising cost of living is a concern for many men, as it can make it difficult to afford the necessities of daily life, such as housing and food. These rising costs can be caused by a variety of factors, including inflation, economic instability and government policies.

Martin Lewis, the founder of MoneySavingExpert.com, has been open about his own mental health struggles. He said: “The link between serious financial problems and suicidal thoughts is long established. So it’s no surprise that the cost of living crisis, with bills hugely increasing, on the back of the pandemic is causing some people growing distress.”

One of the primary drivers of the rising cost of living is inflation, which is the general increase in prices over time. Inflation is often caused by an increase in the money supply, which can lead to a decrease in the value of money. This can make it harder for men to afford goods and services, as the same amount of money may not be able to purchase as much as it could in the past.

Economic instability can also contribute to the rising cost of living. When the economy is unstable, businesses may be less likely to invest in new projects or hire new employees, leading to a decrease in productivity and a decrease in the overall supply of goods and services. This can drive up prices, making it more expensive for men to afford the things they need.

Household energy bills increased by 54% in April 2022 and were due to increase by a further 80% in October. The new Energy Price Guarantee will limit the October increase to 27%, with a further increase of 20% in April 2023.

Government policies can also have an impact on the cost of living. For example, if the government increases taxes or imposes regulations on businesses, it can lead to higher prices for goods and services. Similarly, if the government cuts funding for social programs or reduces benefits for low-income individuals, it can make it more difficult for men to afford the things they need.

There are several ways that men can try to cope with the rising cost of living. One option is to increase their income by finding a higher paying job or negotiating for a raise. Men can also try to reduce their expenses by cutting back on unnecessary spending and looking for deals and discounts on the things they need. Additionally, men can try to increase their savings by setting aside a portion of their income each month and investing it in a retirement account or other savings vehicle.

Overall, the rising cost of living is a concern for many men, as it can make it difficult to afford the things they need to live a comfortable and fulfilling life. However, by taking steps to increase their income, reduce their expenses and save for the future, men can work to mitigate the impact of the rising cost of living on their lives.

Click here for our previous blog on ‘Possible Support in a Financial Crisis’.