History at a glance
- The new LifeWorks Mental Health Index found that people whose basic needs go unmet have a mental health score 16 percentage points lower than the national average.
- Rising spending has forced half of Americans to cut spending.
- Only 16 percent said inflation has not yet affected them, although they expect it to eventually.
Inflation is taking a toll on the mental health of Americans, especially among those who cannot afford basic needs due to skyrocketing prices. according to new survey published on Thursday.
The new Life Works Mental Health Index found that people whose basic needs go unmet due to inflation have a mental health score 16 percentage points lower than the national average.
The index shows that rising spending has forced half of Americans to cut spending, with only 16 percent saying inflation hasn’t hit them yet, although they expect it will eventually.
Differences in mental health were also evident by landlord status, as people who rented houses had lower mental health scores. Federal data shows that rental prices rose nationwide by 5 percent in May compared to last year.
“After years of battling pandemic worries, more Americans are now facing a new looming fear of not being able to put food on the table or keep their homes safe due to soaring inflation. It is important to recognize that financial stress is destabilizing and can affect mental health,” Paula Allen, Senior Vice President of Research and General Wellbeing at LifeWorks, said in a press release.
“With this, employees can be more excited than before,” Allen continued. “Good communication and a workplace where people feel respected and belonged makes a big difference every day, especially now.”
The LifeWorks monthly online survey was conducted from May 2 to May 18, 2022, with 5,000 respondents in the US who have been working for the past six months.
President Biden is backing a plan to cut fueling costs, which average $5 a gallon nationwide. This will suspend both the 18-cent federal tax and the 26-cent average state tax on gasoline.
“Today, I am calling on Congress to suspend the federal gas tax for the next 90 days during the busy…tourist season,” Biden said Wednesday.
“But we can further reduce gas prices in another way,” he added. “That’s why the second action I’m taking is to urge states to either suspend the state gas tax or find other ways to alleviate the situation.”
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Published June 23, 2022