Ways you could support a loved one impacted by the cost of living

Watching a loved one struggle is never easy, especially if you’re not sure how to help. Research shows that 86% of adults are concerned about day-to-day costs. So, chances are that if you’re finding things difficult lately, your friends and family might be, too.

Be careful to hold back any judgements or harsh opinions you might have. You may not agree with the money choices that person has made – or you may find their concerns to be trivial compared to your own or other people’s. But remember that money is personal and impacts everyone differently.

“Dismissing their worries as unrealistic will only make the other person feel more alienated and alone with their fears,” Vicky says. “But you can help them think through what is a probable scenario – so they can see when they are ‘catastrophising’ or focusing too much on very unlikely worst-case scenarios.”

You may get the feeling that your best friend or parent is struggling with money, but they’re reluctant to open up to you. For many people, money is an uncomfortable thing to talk about. Instead of asking them directly about their problems, Vicky suggests sharing a bit about your own struggles first.

“You can ‘open that door’ for them by showing that it’s OK to talk about money and to feel worried,” she says. “Be sensitive to how they respond: if you see they aren’t ready to open up, then it’s important to respect that and not insist or prod too much.

“Even just saying, ‘I can see that you’re worried about it, and I’m here to listen,’ can be comforting in itself. They may take up the offer when they’re ready.”

“You may not be in a position to help financially, but offering support can take on many forms,” Vicky says. “Even small practical gestures can help others feel supported.” You could offer to help with chores or share resources, or take turns watching each other’s children or pets. If they’re feeling lonely, offer to go for a walk or just have a cup of tea together.

And if they need help with financial advice or tools, point them in the right direction. For example, you might share information on financial wellness, government support schemes, low-cost transport options or general questions and answers about the rising cost of living.

“Helping others is both generous and rewarding,” Vicky says. “However, it’s important to be mindful of boundaries around giving – both emotionally and financially. After all, modelling self-care can be a powerful way to be helpful, too.”