6 Features The RGS Gazette Features The Cost of Living Crisis - A costly deep dive Jonathan Alabi (Year 11) examines the causes of the cost of living crisis, its impacts on ordinary people and potential solutions. In recent years, many individuals and families across the world have been affected greatly by the cost of living crisis. Growing levels of expense, low wages that keep lowering, and economic insecurity have all proved to create a challenging situation where making money has become increasingly difficult for the middle and lower classes. This article goes over the causes of the cost of living crisis, its impact on everyday life, and potential solutions to lift the burden on those affected severely. One of the main reasons for the cost of living crisis is the rising price of housing. Urbanisation, population growth, and a lack of housing supply have led to skyrocketing home prices in many areas. Affordable housing options are becoming very rare and only so many people can get these, forcing people to put aside a larger portion of their wages towards rent or mortgage payments. This leaves less money for other essentials such as groceries, healthcare and education. Inflation is another driving factor in the cost of living crisis. As the general price of goods and services rise, the power of incomes diminish. Rising consumer prices and demand impacts the market direly in things, including groceries, transportation, utilities, and healthcare. Additionally, essential goods for sale such as fuel and food experience unstable price fluctuations, further tightening the financial strain on households. For example, the meal deal going from £2.50-£3.90 within a year. “The life of man is so short that ordinary people simply cannot afford to be born” ― Halldór Laxness With the cost of living crisis affecting everyone, workers are going on strike for better pay "We are all in the same boat and no one should distance themselves from others who are struggling."
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