The living crisis for many people over the UK has become a lot harder to deal with over the past couple of years. However, recent studies have shown how young adults have been affected, compared to other age groups both financially and mentally.
How are young adults are being affected?
Young adults have been downsizing their lifestyle to deal with this crisis and to manage financially. Studies from MSN show that young adults are twice as likely to use credit cards to help with finances than those over the age of 55. Furthermore, according to Helen Bierton, the chief banking officer at Starling Bank, “more than a quarter of young adults (27%) are putting off major purchases such as renovation of their homes or cars.” She went on to say, “The cost-of-living crisis is forcing us all to look at our personal and household finances more closely, and it’s clear that young adults are trying to cushion themselves by taking a proactive approach to money management.”
Not only are these hard times affecting young adults’ financial status and quality of life, but it is also negatively affecting their mental health. In support of this, the Ireland’s mental health support services have come out to say they are more stretched than ever before. Also, Dr Jacinta Stewart from the mental health service Jigsaw stated that in 2021 the services have offered over 35,000 appointments to young people.
What has been done to help?
Though these statistics sound daunting and may leave young adults feeling hopeless, there are measures in place to help those with their mental health and living conditions. The Starling Bank have launched a free budget planner online tool to help people identify and understand their monthly outgoing spendings.
There are also mental health lines young adults can call such as Mind’s helpline - 0300 123 3393. There is an online community known as Side by Side, that supports those experiencing mental health problems. Lastly, here as Exceptional Support Services we have a supported living programme where we sign post young people to appropriate mental health services. Our programme promotes independent living, a healthy lifestyle, budgeting, help with seeking employment and provide one to one discussion with a key worker.
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