As the cost of living crisis takes hold, each day seems to bring a new worrying headline or statistic, from the recent announcement that the energy price cap will rise by 80%, sending utility bills soaring over the next few months, to the historic leap in inflation rates. It feels like our bank accounts are being squeezed from every direction, with little sign of things improving in the near future.

It’s no surprise that this uncertain financial climate, which follows two years of instability when many workers were placed on furlough or made redundant during the height of the pandemic, is causing us to feel anxious about money. If you’ve recently felt overwhelmed by the onslaught of negative predictions and bleak statistics, you’re not alone: according to research from investment management company BMO, over a quarter (28%) of British adults say the rising cost of living has impacted their mental health.

According to the poll of more than 2,000 people, the most common financial concerns were rent and house prices and rising interest rates, affecting 38% and 35% of people respectively. Other concerns that ranked highly in the list included rising National Insurance contributions (32%), wages not rising at the same time as inflation (29%), everyday living costs (28%) and energy prices (28%).

Financial anxiety: how to take care of your mental health if you’re worried about the cost of living