Need Help Now? Click here!
Blog

A Way Forward Podcast Blog Series: The Cost of Living

The cost of living has been on the rise, and it’s affecting more than just our bank accounts – it’s affecting our mental health.
A Way Forward Podcast Blog Series: The Cost of Living

In the third edition of A Way Forward Blog Series, presented by Beem Credit Union, we discuss the profound impact the increased cost of living is having on our mental health, exploring how individuals and communities can navigate these challenges and manage their mental well-being during difficult times. From Episode 3: Cost of Living of A Way Forward Podcast: Conversations on Mental Health.

The Financial-Mental Health Connection

“Mental illness and low income are inextricably linked,” says CMHA Kelowna CEO, Mike Gawliuk.

As costs rise, more people are struggling to meet basic needs like housing and food. The resulting stress creates a cycle of anxiety, exhaustion, and financial instability. People who are already struggling with low income or mental illness are finding it even harder to make ends meet. The simple act of purchasing basic necessities like food becomes a major challenge.

Click here to watch Episode 3: Cost of Living of A Way Forward Podcast | Presented by Beem Credit Union

Social Isolation and Inflation

Financial struggles are also leading to what Mike Gawliuk calls "inflation isolation."

“People aren’t getting together like they used to. Skipping a coffee or staying home from events—it’s all adding up.”

This isolation magnifies feelings of loneliness and can negatively impact mental health.

Host, Jessica Samuels reflects on lessons from the pandemic: “Isolation harms more than just our social lives; it can seriously damage our mental health. Recognizing when financial concerns are keeping us apart from loved ones is key.”

Who’s Most Affected?

Certain groups, including seniors on fixed incomes, hourly-wage workers, and those in the non-profit sector, are feeling the financial strain more intensely.

Mike highlights a growing concern: “We’re seeing more seniors at risk of losing their homes because their incomes aren’t keeping up. It’s heartbreaking.” For many, juggling multiple jobs has become the norm, leading to burnout.

Building Resilience

While we can’t control the economy, there are steps to protect mental health during financial stress:

  • Stay Connected: Get outside and engage with your community. Even a simple walk with a friend can make a difference.
  • Limit Media Overload: Take a break from your phone, constant news, or social media if it’s overwhelming you.
  • Focus on Basics: Good sleep, nutrition, and exercise are foundational for mental well-being.

It’s crucial to know when to seek help.

Support is Available

Resources like Central Okanagan Rent Bank, virtual counseling, and community supports can help those struggling with finances or mental health.

Despite the challenges, Mike remains hopeful: “We’re starting to see progress—like new rental developments and lower interest rate projections. There’s light ahead.”

Small steps, like staying connected and seeking support, can make navigating tough times easier. It’s important to note that taking care of your mental health is just as important as managing your finances.

Resources:

‍

Tune in to the full podcast episode, wherever you get your podcasts or on YouTube, to learn more about the cost of living and the connection to mental health challenges.

The way forward is together.

A Way Forward: Conversations on Mental Health

A Way Forward Podcast is proudly presented by Beem Credit Union. BlueShore Financial, GFCU Savings, Gulf & Fraser, Interior Savings, and North Peace Savings are tradenames of Beem Credit Union.

‍