UK households are being driven further into debt by the rising cost of living, a new, decade-long study has shown. An estimated one million people on low incomes are now in arrears after paying for the basic essentials.

The findings are set out in the report Pushed Under, Pushed Out, published by Christians Against Poverty (CAP) on Tuesday. It is based on research carried out by the Centre for Research in Social Policy at Loughborough University, which analysed information on household finances from the Office for National Statistics — more than 35,000 individuals in more than 17,000 households. People were interviewed every two years from 2010 to 2020.

The study tracks levels of debt in this period, analysing how the use of credit to pay for essentials had tipped people below the Minimum Income Standard. This is the widely used benchmark of an acceptable living standard, updated each year.

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UK households are being driven further into debt by the rising cost of living, a new, decade-long study has shown. An estimated one million people on low incomes are now in arrears after paying for the basic essentials https://t.co/2edfs9iPSW

— Church Times (@ChurchTimes) March 12, 2024

Feelings of financial insecurity among Americans have reached their highest point in at least a decade.

A third of American adults in Northwestern Mutual’s 2024 Planning & Progress survey said they don’t feel financially secure. That’s up from 27% in 2023 and the highest measure going back to 2012.

“Despite the growing economy, Americans have had to endure one financial disruption after another over the last several years, and it’s hard to feel positive when you don’t know what’s around the corner,” said Christian Mitchell, the company’s chief customer officer, in a press release.

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Feeling financially insecure is becoming way too common an emotion/a reality. After so many fin'l twists and turns since Covid, stability doesn't sound boring, it sounds like a luxury.https://t.co/52Hk65ETV1

— Suzanne Woolley (@WealthWatch) March 11, 2024

Medicaid payments are “the lifeblood of our health centers and their ability to serve,” said Dr. Kyu Rhee, the president and chief executive of the National Association of Community Health Centers, which treat roughly one in 11 people in the United States and rely on Medicaid and federal grants to provide a financial cushion for the uncompensated care they give uninsured patients.

Since last spring, Medicaid enrollment has dropped by almost ten million, including around four million children, according to researchers at Georgetown University. States have removed people for a variety of reasons, including for changes in income and age. Some people have been dropped because they did not return paperwork. Others have lost coverage because of technical errors, including computer glitches.

The loss of reimbursements for millions of patients has contributed to an already difficult financial picture for facilities that treat the poor: Unless Congress reaches a funding agreement, nearly $6 billion for federally financed health clinics, which serve over 30 million people, most of them low-income, could lapse in early March.

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“Jessica Tucker, a single mother, broke into tears after receiving a $90 bill for her 3-year-old son Raylan’s primary care visit and tetanus vaccine at Bethesda, pleading with her mother by phone for help paying it.” https://t.co/M3r48C3Voy

— Leah Libresco Sargeant (@LeahLibresco) February 26, 2024

he share of Americans who own stocks has never been so high.

About 58% of U.S. households owned stocks in 2022, according to the Federal Reserve’s survey of consumer finances released this fall. That is up from 53% in 2019 and marks the highest household stock-ownership rate recorded in the triennial survey. The cohort includes families holding individual shares directly and those owning stocks indirectly through funds, retirement accounts or other managed accounts.

The data provide the most comprehensive snapshot yet of how the Covid-era explosion in investing has reshaped Americans’ personal finances. Stuck at home during the pandemic with extra cash, millions jumped into the stock market for the first time. The elimination of commission fees on stock trading across U.S. brokerages made investing cheaper than ever.

“It created a whole generation of investors,” said Anthony Denier, chief executive of mobile brokerage Webull U.S.

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The percentage of Americans who own stocks has never been higher. The pandemic and zero-commission trading created a whole generation of investors https://t.co/dbbcwsD9zg

— WSJ Markets (@WSJmarkets) December 18, 2023

Homeownership has become a pipe dream for more Americans, even those who could afford to buy just a few years ago.

Many would-be buyers were already feeling stretched thin by home prices that shot quickly higher in the pandemic, but at least mortgage rates were low. Now that they are high, many people are just giving up.

It is now less affordable than any time in recent history to buy a home, and the math isn’t changing any time soon. Home prices aren’t expected to go back to prepandemic levels. The Federal Reserve, which started raising rates aggressively early last year to curb inflation, hasn’t shown much interest in cutting them. Mortgage rates slipped to about 7% last week, the lowest in several months, but they are still more than double what they were two years ago.

Typically, high mortgage rates slow down home sales, and home prices should soften as a result. Not this time. Home sales are certainly falling, but prices are still rising—there just aren’t enough homes to go around. The national median existing-home price rose to about $392,000 in October, the highest ever for that month in data that goes back to 1999.

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"It is now less affordable than any time in recent history to buy a home, and the math isn’t changing any time soon."@ginaheeb: https://t.co/8LZYrIAleG pic.twitter.com/LPIdKWGDAU

— Eric Wallerstein (@ericwallerstein) December 12, 2023

After years of inflation, US consumers are shouldering a burden unlike anything seen in decades — even as the pace of price increases has slowed.

It now requires $119.27 to buy the same goods and services a family could afford with $100 before the pandemic. Since early 2020, prices have risen about as much as they had in the full 10 years preceding the health emergency.

It’s hard to find an area of a household budget that’s been spared: Groceries are up 25% since January 2020. Same with electricity. Used-car prices have climbed 35%, auto insurance 33% and rents roughly 20%.

Those figures help explain why Americans continue to register strong dissatisfaction with the economy: Consumers’ daily routines have largely returned to their pre-pandemic normal, but the cost of living has not.

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From the Bloomberg article, “Just How Bad Is the US Cost-of-Living Squeeze? We Did the Math.”#economy #inflation #inequality #econtwitter @economics @markets pic.twitter.com/CXO2P0Wbez

— Mohamed A. El-Erian (@elerianm) November 27, 2023

Millions are looking ahead to this winter with ‘fear and anxiety’ about the cost of heating their homes, the Archbishop of York said today as he backed the launch of a campaign to provide a network of warm spaces for people who struggle to pay their energy bills.

Archbishop Stephen Cottrell is encouraging churches to consider getting involved – if they are not already – in the Warm Welcome campaign, a network of venues from community centres to churches providing warm spaces over the winter for people struggling to heat their homes.

In a video message to support the launch, Archbishop Stephen said: “Sadly, what began as a cost-of-living crisis has simply become the new normal for many.

“Millions of people will look ahead to this winter with fear and anxiety, wondering how they are going to cope with high living costs.

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Prospect of winter energy bills causing anxiety and fear for millions, Archbishop of York warns, as he backs the Warm Welcome campaign https://t.co/2dzYUr2Wrm via @churchofengland

— John Thomson (@john59thomson) October 30, 2023

More people are making hardship withdrawals from their 401(k) accounts, raiding retirement funds to cover emergency medical expenses or to avoid losing a home.

Hardship withdrawals from Fidelity Investments 401(k) accounts have tripled in five years, according to a report from the investment firm. The share of plan participants withdrawing money rose from 2.1% in 2018 to 6.9% in 2023.

“It’s a big problem, and it’s a growing problem,” said Kirsten Hunter Peterson, vice president of thought leadership at Fidelity.

Vanguard reports that hardship withdrawals have doubled in a four-year span, from a monthly rate of 2.1 transactions per 1,000 participants in 2018 to 4.3 in 2022.

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Hardship withdrawals from 401(k) accounts have tripled in five years, according to Fidelity Investments. The share of plan participants withdrawing funds rose from 2.1% in 2018 to 6.9% in 2023. https://t.co/ktQZtj4Fus

— Stephen Miller, CEBS (@smiller_cebs) October 26, 2023

Paying for health care is increasingly straining US adults as escalating medical costs converge with rising prices throughout the economy.

More than half of working-age Americans said they had difficulty paying for health care in 2023, according to a Commonwealth Fund survey published Thursday. Among people without insurance, more than three-quarters reported trouble affording care. But 43% of people with employer health plans said they had difficulty paying, and the rate was even higher among people on public health plans like Medicare and Medicaid.

The results highlight a fundamental problem in the $4.3 trillion US health system: Despite spending more on medical care than any other wealthy country, the US fails to make it broadly accessible to much of the population. The rising financial burden squeezes families and leads people to delay care, which can hurt their health over the longer term, researchers said.

“As a primary care provider I’ve seen the impact of this grow over the past several years,” said Joseph Betancourt, president of the Commonwealth Fund, a health research nonprofit. “These affordability challenges are real, they’re getting worse and they’re a clear and present danger.

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More than half of working-age Americans said they had difficulty paying for health care in 2023, according to a Commonwealth Fund survey https://t.co/AJeM5fubBQ

— Bloomberg (@business) October 26, 2023

As another legislative session draws to a close in Sacramento, the problem lawmakers failed to fix is one of the most urgent facing Californians: the slow-moving collapse of the property insurance market as costs from climate disasters mount.

It “is not even a yellow flag issue. This is a waving red flag issue,” Gov. Gavin Newsom said Tuesday night when asked about the failure of the Legislature to act.

This year, multiple companies, including the state’s largest home insurer, State Farm, have announced they are no longer taking on new residential and commercial properties, citing wildfire risk. In fact, seven of the 12 insurance groups operating in California — together, responsible for about 85% of the market — have pulled back.

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Inflation, interest rates, and GDP growth might be valuable historical economic statistics, but they don’t capture the voice of the American consumer in real time. This was the motivation for the Suffolk University Sawyer Business School/USA TODAY national survey of adults on kitchen table issues.

We opened the survey by asking respondents to summarize in a word the state of the economy today. A total of 22% used words like “excellent,” “good,” “growing,” “improving,” “getting better,” “fair,” “average,” and “fine.” That’s more than 1 in 5 feeling pretty good about the economy.

However, nearly 3 in 4 (72%) used words like “horrible,” “terrible,” awful,” “bad,” “poor,” “weak,” “sad,” “dismal,” “crashing,” “struggling,” “disastrous,” “shambles,” “chaotic,” “messy,” “confusing,” “unequal,” “expensive,” “inflation,” “unstable,” “volatile,” “unpredictable,” “anxiety,” “worried,” and “scary.” Those are their words, not ours, and they come from a wide range of demographics, including people at all income levels.

Read it all.

From food costs to holiday spending: Americans say they're being pummeled by the economy in dire new poll https://t.co/kEAhkK2YCy via @Yahoo

— Marlene T. Diaz (@academicknight) September 15, 2023

Car insurance is a growing burden for Kalisa Hobbs.

Hobbs, who lives near the northern shore of Louisiana’s Lake Pontchartrain, said the cost of her auto coverage jumped almost 30 percent this year when State Farm added hundreds of dollars to her annual premium, raising it to $1,806. “I’m not going to go hungry or homeless, but like everybody else I live on a budget, and when that budget gets interrupted, it’s difficult,” said Hobbs, 56, who works as a communications manager at a paper mill. “It’s just on my credit card, and I’ll pay it off when I can.”

Hobbs has been swept up in a larger trend affecting hundreds of thousands of American drivers: soaring car insurance rates, with some states seeing increases above 50 percent in the past year.

Premiums have kept climbing even as other types of inflation have cooled. According to the Bureau of Labor Statistics, car insurance for U.S. drivers in July was 16 percent more expensive than in July 2022, and 70 percent more expensive than in 2013.

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The value of claims submitted has risen because repairs and replacements have become more expensive, companies say.

And natural disasters make things worse. https://t.co/8QJ6slriE6

— The Washington Post (@washingtonpost) September 6, 2023

Two years of high inflation has many Americans shopping in places they wouldn’t normally, scouring for coupons and discounts and learning to do without.

The hit to the average budget is huge: The typical household spent $202 more in July than they did a year ago to buy the same goods and services, tweeted Moody’s Analytics chief economist Mark Zandi. “And they spent $709 more (in July) than they did two years ago.”

People, especially those with annual earnings less than $100,000, are trying multiple strategies to stretch their dollars, according to the Dallas Fed – from delaying major purchases and medical treatment to decreasing the use of utilities and tapping charities.

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Two years of high inflation have ravaged most American households. Here's what resilient Americans have to do to get by, https://t.co/15QLDLp0Rd

— USA TODAY (@USATODAY) September 6, 2023

We all receive scam messages — and I cannot be alone in noticing that they are becoming more frequent. Last month, several UK banks gave warnings about a sharp increase in online fraud.

It disturbs me that anyone will go to such lengths to steal my money; but what has chilled me to the core is learning that the person on the other end of a scam call or message could be a victim of human trafficking — forced into involvement in fraud by the threats of beatings and electrocution.

My colleagues at International Justice Mission (IJM) in Cambodia were some of the first people to respond to this sinister new form of modern slavery, forced scamming. Human traffickers are luring people with false job offers online, paying their transport costs, and then trapping them in heavily guarded compounds in places such as Cambodia, Myanmar, and Laos.

Under the threat of extreme violence, the victims must scam people all around the world. Survivors whom we have helped have shown us bruises the size of watermelons caused by being beaten, and burns from electrocution — the result of not hitting their scamming targets.

Disturbingly, forced scamming is one of the most complex and fast-growing forms of modern slavery in the world.

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"It disturbs me that people go to such lengths to steal my money, " @IJMUK CEO @DavidWestlake, writes in the @ChurchTimes, "but what has chilled me to the core is learning that the person on the other end of a #scam could be a victim of #humantrafficking."https://t.co/bq0hY5SsDj

— International Justice Mission (IJM UK) (@IJMUK) June 30, 2023

The Prince of Wales has described how his mother’s influence helped shape his attitudes to homelessness as he revealed three UK locations where he hopes to eradicate the issue.

William visited three contrasting areas – Newport, South Wales, three neighbouring Dorset towns and the south London Borough of Lambeth – where his ambitious initiative Homewards aims to bring together business, charities and local authorities to tackle the problem.

During his tour of the UK, he warned: “It’s the young I’m particularly worried about, the sofa surfing and the hidden homeless, there’s a lot we don’t see and we have to try and get those who are lost.”

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https://t.co/r9wT97jMkY William cites mother’s influence as he unveils drive to eradicate homelessness https://t.co/dNRhzxDUDB

— UK Search (@UKSearch1) June 27, 2023

Janis Scaramucci’s bedroom is decorated with paintings of Disney castles. In her office, a recessed ceiling in the shape of a Mickey Mouse head is painted in black glitter. The feet of her dining room table are made from coffee mugs featuring Mickey and Winnie the Pooh. And in her closet hangs a series of colorful Disney outfits, including a red skirt appliquéd with characters from the movie “Ratatouille.”

Welcome to Golden Oak, the only residential community in the world located on Walt Disney Co. resort property.

Ms. Scaramucci, a divorced 63-year-old Disney enthusiast and art collector, bought a $2.52 million home in the Orlando, Fla., community a few years ago after feeling dissatisfied with life in her suburban neighborhood in Edmond, Okla. Now, she spends her days riding roller coasters, attending nature conservation programs at Disney’s Animal Kingdom theme park, and traveling to destinations such as Antarctica on Disney cruises…..

But Mr. [Kevin] Tupy said that, in his experience, politics doesn’t come up much when Golden Oak residents get together.

“Disney is more of a religion,” he said. “We worship the mouse.”

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Andy Vermaut shares:See Inside the World's Only Residential Community on Disney Resort Property: Over the past decade, this Orlando, Fla. neighborhood has become a mecca for Disney lovers, with home prices ranging from the low millions to $19… Thank you! https://t.co/Gdegzo10Eu pic.twitter.com/Y9spBQOyFs

— Andy Vermaut (@AndyVermaut) May 23, 2023

The industry makes most of its profits from those who are vulnerable, with 86% of online betting profits coming from 5% of customers. Most of thesepeople are already suffering from gambling–related harms or have been diagnosed as suffering from an addiction. Further, the statistics show that 35% of people with a gambling disorder receive daily incentives to gamble, compared to only 4% of those without. All too often there are reports in the media of people receiving offers of ‘free’ spins and the chance to be a ‘VIP customer’ when they have been trying to stop gambling.

Coroners currently do not need to record an opinion on the factors that may have caused a person to taketheir life. My Private Members Bill, the Coroners (Determination of Suicide) Bill aims to change that.

It is estimated that between 400 – 500 people take their lives each year in this country due to gambling. Yet when the House of Lords ministers answered my questions they claimed that there was no reliable statistics of the numbers of deaths caused by gambling. Furthermore, they showed little concern to find out.

If this bill comes into law, the requirement on coroners to record the ‘where, how and what’ questions associated with each suicide will remain unchanged. However, once this part of the inquesthas been concluded, each coroner will be required to record the co-morbidities of each suicide….

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Coroners currently do not need to record an opinion on the factors that may have caused a person to take their life this has to change, argues the Bishop of St Albans in this important article discussing his PMB – https://t.co/pK6hMtBJlC #Parliament #SuicidePrevention

— Alistair Thompson (@ali_thompson1) March 17, 2023

Economists will spend hours poring over US inflation data released on Tuesday. But their calculations mostly obscure the experience of American families trying to make ends meet.

In 1985, an American man working the typical full-time job could support a family of four on 40 weeks of income, and be able to afford a range of nutritious foods, a three-bedroom house, a comprehensive health insurance plan, a family car, even saving to put both kids through the state university. In 2022, paying for all that would require 62 weeks of his income, which is a problem, there being only 52 weeks in a year.

These figures come from the Cost-of-Thriving Index (Coti), which compares the rate at which wages are rising to the rate of cost increases for middle-class staples. They show starkly the effect on household budgets of a decades-long stretch in which housing prices, health insurance premiums, college tuition, and more skyrocketed much faster than wages.

Traditional measures of inflation miss this fact. When inflation-adjusted figures report that a 2022 earner could afford roughly what a 1985 earner could, that assumes the 2022 earner still wants to drive a 1985 car, live in a 1985 house, watch a 1985 television, and receive 1985 medical care — and that we would call that “middle class”. 

Think about healthcare, where economists (rightly) celebrate extraordinary but costly breakthroughs in medical technology while families (also rightly) notice that insurance premiums keep eating a larger share of their salary.

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US inflation data is out today and economists will be poring over it. But their calculations hide the real experience of ordinary Americans trying to make ends meet, says Oren Cass https://t.co/01hAdmzLAo

— FT Opinion (@ftopinion) February 14, 2023

Africa’s largest economy, Nigeria, is in the process of introducing new banknotes for the first time in more than 20 years. The move is an attempt to reignite confidence in the currency, the naira, which is under severe pressure. With inflation at more than 20%, people are struggling to cope with the rising cost of living. It is leading to the largest exodus of young professionals in years.

“Imagine going to the grocery store one day, and everything has tripled in price? How do you even cope? You have a family at home. What do you cut out of the budget?” Oroma Cookey Gam tells me by Zoom, her face incredulous.

The fashion designer left Nigeria’s biggest city, Lagos, with her young family a year ago for the UK capital, London. Her husband and business partner Osione, an artist, was granted a Global Talent visa, which enables leaders in academia, arts and culture, as well as digital technology to work in the UK.

She says it had become too expensive to raise their young family in Lagos. “Our money was buying us less and less. We weren’t able to pay our bills, we weren’t able to do normal things that we were doing.”

Oroma studied law at the UK’s University of Northumbria and moved back to Nigeria almost 20 years ago, keen to use her degree to help develop her country. Along with Osione, she eventually set up This Is Us, a sustainable fashion and lifestyle brand that uses local materials and artisans, including cotton grown and dyed in northern Nigeria.

Read it all.

Important piece.

“Despite having one of the largest health workforces on the continent, Nigeria's skilled health workforce density is only 1.95/1,000 population, well below the recommended benchmark”.

On brain drain @MayeniJones https://t.co/O9banuAPIw

— Ashis Basu (@BasuAshis) January 31, 2023

A court in Belgium ruled on Wednesday that two suspects in a case linking current and former European lawmakers to alleged bribery by Qatar should remain in prison until trial and that a third should wear an electronic monitor, as the snowballing scandal continued to rock European Union institutions.

Four people, including Eva Kaili, a former vice president of the European Parliament who is from Greece, were charged last week with corruption, money laundering and participation in suspected bribes from Qatar, in what may be the biggest scandal in the history of the Parliament.

A court hearing for Ms. Kaili was postponed until Dec. 22, the office of the Belgian federal prosecutor said on Wednesday, so she remains imprisoned outside Brussels. Parliamentary lawmakers also stripped Ms. Kaili of her title as vice president during a plenary session in France.

Court documents seen by The New York Times identified the other suspects as Pier Antonio Panzeri, a former member of Parliament; Francesco Giorgi, Ms. Kaili’s partner and an assistant to a current European lawmaker; and Niccolo Figa-Talamanca, secretary general of a Brussels-based charity. Mr. Panzeri and Mr. Giorgi were ordered to remain detained until trial, and Mr. Figa-Talamanca was ordered to be placed under electronic monitoring.

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A Brussels court ordered two suspects in a case linking current and former European lawmakers to alleged bribery by Qatar to remain in prison until trial and a third to wear an electronic monitor, as the snowballing scandal continued to rock the EU. https://t.co/nyHhW3JT7w

— New York Times World (@nytimesworld) December 15, 2022

The UK faces its biggest drop in living standards on record as the surging cost of living eats into people’s wages.

The government’s forecaster said that household incomes – once rising prices were taken into account – would dive by 7% in the next few years.

It also expects the number of people who are unemployed to rise by more than 500,000.

It came as the chancellor said the UK was already in recession and set to shrink further next year.

But Jeremy Hunt said his Autumn Statement – which unveiled £55bn of tax rises and spending cuts – would lead to a “shallower downturn” with fewer jobs lost.

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UK faces biggest fall in living standards on record

The government's forecaster says people's incomes – once rising prices were taken into account – would dive by 7% in next few yearshttps://t.co/VkFNvFW7su

— BBC Politics (@BBCPolitics) November 17, 2022

Just as the holiday shopping season gets into full swing, families are finding less slack in their budgets than before.

As of October, 60% of Americans were living paycheck to paycheck, according to a recent LendingClub report. A year ago, the number of adults who felt stretched too thin was closer to 56%.

“More consumers who have historically managed their budgets comfortably are feeling the financial strain, which will impact their spending behavior as we head into the holiday shopping season,” said Anuj Nayar, LendingClub’s financial health officer.

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60% of Americans are living paycheck to paycheck heading into the peak shopping season https://t.co/Eg42Tf3pvd

— CNBC (@CNBC) November 18, 2022

The Church of England Pensions Board has joined five other pension funds to bring legal action against Volkswagen AG (VW), after it refused repeated attempts to reveal crucial information on its corporate climate-lobbying activities.

The funds, four Swedish and one Danish in addition to the C of E board, are all part of the Institutional Investment Group on Climate Change (IIGCC) and the Climate Action’s 100+ initiative. These have asked the company repeatedly to clarify its lobbying position. VW discloses trade association memberships, but does not disclose how the goals of these associations align with its own climate goals.

The boards wanted to table an agenda item at VW’s AGM, seeking publication of a report setting out how the company’s lobbying of policy-makers matched its stated ambition to support the Paris Agreement goals by becoming a net-zero company. VW refused to table the item.

The investors say that they tried over several years to get information before tabling the amendment. The case, supported by the legal charity ClientEarth, will test whether VW has the right to refuse the agenda item.

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C of E Pensions Board joins fight to force VW to open its books on climate lobbying https://t.co/F1UtlH7M2M

— Church Times (@ChurchTimes) October 24, 2022

New mothers and the elderly are among the first to take advantage of a warm spaces scheme to help people struggling to afford to heat their own homes.

Cafes, churches and libraries across Bristol are opening their doors as energy prices rise this winter.

The city council asked businesses and public buildings to join the scheme in the summer.

As well as warmth, many of the spaces are offering services like financial advice and homework support.

A cafe in the Wellspring Settlement community centre in Barton Hill is taking part in the initiative twice a week and is also providing food.

People are only asked to pay what they can afford, with the rest subsidised by the council.

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Bristol warm places scheme welcomes first residents – a lot of hard work has gone into establishing warm spaces across the city. For information on cost of living support ⁦@BristolCouncil⁩ has put in place please go to https://t.co/ZF99TzZ9F6 https://t.co/7C6jRf6nZI

— Cllr Asher Craig (@CllrAsherCraig) October 12, 2022

When Sarah, a 29-year-old North American, quit her job in the film industry and came to study law in London, she hoped to put her life on a firmer financial footing. Two years on, that goal seems further away than ever.

Interest payments on a bank loan have gone up; she has lost weight having cut back on groceries; and feels isolated because going out costs too much. A soaring energy bill has forced her to move out of her previous flat-share.

And with earnings as a research assistant working out at £6.65 an hour, Sarah says it is “impossible to imagine” planning for the future.

“I’m fixing the problem directly in front of me, not building a long-term game plan,” she says. “Every relationship and facet of my life has been impacted . . . It’s as if you’re climbing a staircase and you don’t know if the next step is going to be there [or] if you’re going to fall through.”

Sarah is one of countless casualties of a global cost of living crisis that is forcing people around the world to put their lives on hold — forgoing social lives, scrapping house moves and weddings, hesitating to start a family or delaying retirement because of the financial pressures caused by high inflation.

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‘A self-inflicted lockdown’ – hundreds of FT readers across the world reveal how the cost of living crisis has forced them to put their lives on hold https://t.co/j8WC1AGIHy pic.twitter.com/lSq8FxOPgo

— FT Opinion (@ftopinion) October 12, 2022

Two years of huge rent increases in the already-expensive Charleston area have caused some tenants to take extra jobs, consider relocating to the rural edges of the suburbs or leave altogether for more affordable cities.

Stress-inducing monthly rates have radiated out from the pricey Charleston peninsula and Mount Pleasant to once-affordable places such as West Ashley, North Charleston and Summerville.

In September, according to Apartment List, the median yearly rent for an apartment in Ladson — some 20 miles from downtown Charleston — was $5,292 higher than it was two years earlier.

“I went in (to the rental office) today in tears,” said the Rev. Jo Anna Fallaw, a disabled single mother on leave from her work as a Methodist pastor. “I can see how someone could end up on the street.”

Read it all.

Huge rent increases have #CharlestonSC-area residents questioning if they should move #southcarolina #economy #housing #inflation #personalfinance #lowcountrylife https://t.co/aKER0cOoCH

— Kendall Harmon (@KendallHarmon6) October 8, 2022

Charitable giving—including only monetary donations and the value of time donated —remained flat, at just under 3% of global GDP in 2021 despite an increase in altruistic attitudes and behaviors across the globe, according to a Citi report released Tuesday.

On average, prosocial behaviors like the acts of donating, volunteering, and helping strangers all increased by nearly 25% last year compared to pre-pandemic levels. Yet, charitable giving did not rise in most countries, and even fell in inflation-adjusted terms in some countries, according to the report, “Philanthropy and the Global Economy.”

“We were sort of hoping that after the pandemic that donations would continue in the trajectory and they really, for the most part, did not,” says Karen Kardos, head of philanthropic advisory at Citi Private Bank and a co-author of the report.

Global inflation and uncertainties in financial markets may create further headwinds for charitable giving. Globally, 55% of donors expect to give the same amount in 2022 as they did in 2021. In the U.S., the country with the most monetary donations, more than 60% of donors planned to be more cautious in 2022 as recession risks weigh on their confidence, survey data show.

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Even as Altruism Grows Around the World, Charitable Giving Remains Flat https://t.co/T3JAdY2rPO

— Andy Ho (@andyho) October 5, 2022

It is hard not to feel a sense of foreboding. As the Federal Reserve has tightened policy, asset prices have plunged. Stocks, as measured by the Wilshire 5000 all-cap index, have shed $12trn of market capitalisation since January. Another $7trn has been wiped off bonds, which have lost 14% of their value. Some $2trn of crypto market-cap has vanished over the past year. House prices adjust more slowly, but are falling. Mortgage rates have hit 7%, up from 3% last year. And this is all in America—one of the world’s strongest economies.

Rising rates will slow the American economy and should break the back of inflation. But what else will they break? Since the Federal Reserve raised rates again on September 22nd, global markets have been in turmoil. When the British government announced unfunded tax cuts a day later, fire-sales by pension funds caused the yield on government bonds (or “gilts”) to spiral out of control. Contagion then spread to the American Treasury market, which is as volatile and illiquid as it was at the start of covid-19. The cost to insure against the default of Credit Suisse, a global bank, has risen sharply. These ructions indicate the world is entering a new phase, in which financial markets no longer just reflect the pain of adjusting to the new economic context—pricing in higher rates and lower growth—but now also spread pain of their own.

The most catastrophic pain is felt when financial institutions fail. There are two ways they do so: illiquidity or insolvency. Tighter monetary policy is likely to prompt or reveal both.

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Rising rates will slow the American economy and should break the back of inflation. But what else will they break? https://t.co/9jMyduKXBk

— The Economist (@TheEconomist) October 5, 2022

For Theresa Clarke, a retiree in New Canaan, Conn., the rising cost of living means not buying Goldfish crackers for her disabled daughter because a carton costs $11.99 at her local Stop & Shop. It means showering at the YMCA to save on her hot water bill. And it means watching her bank account dwindle to $50 because, as someone on a fixed income who never made much money to start with, there aren’t many other places she can trim her spending as prices rise.

“There is nothing to cut back on,” she said.

Jordan Trevino, 28, who recently took a better paying job in advertising in Los Angeles with a $100,000 salary, is economizing in little ways — ordering a cheaper entree when out to dinner, for example. But he is still planning a wedding next year and a honeymoon in Italy.

And David Schoenfeld, who made about $250,000 in retirement income and consulting fees last year and has about $5 million in savings, hasn’t pared back his spending. He has just returned from a vacation in Greece, with his daughter and two of his grandchildren.

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The poor are disproportionately affected by high inflation. They are *also* disproportionately affected by high unemployment — which is the likely consequence of the Fed's efforts to fight inflation.
My latest w/ @jeannasmialek:https://t.co/RpUDpci1e2

— Ben Casselman (@bencasselman) August 8, 2022

Already frustrated and angry about high gasoline prices, many Americans are being hit by rapidly rising electricity bills, compounding inflation’s financial toll on people and businesses.

The national average residential electricity rate was up 8 percent in January from a year earlier, the biggest annual increase in more than a decade. The latest figures, from February, show an almost 4 percent annual rise, reaching the highest level for that month and approaching summer rates, which are generally the most expensive.

In Florida, Hawaii, Illinois and New York, rates are up about 15 percent, according to the Energy Department’s latest figures. Combined with a seasonal increase in the use of electricity as people turn on air-conditioners, the higher rates will leave many people paying a lot more for power this summer than they did last year.

The immediate reason for the jump in electric rates is that the war in Ukraine has driven up the already high cost of natural gas, which is burned to produce about 40 percent of America’s electricity. And supply chain chaos has made routine grid maintenance and upgrades more expensive.

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Already frustrated and angry about high gasoline prices, many Americans are being hit by rapidly rising electricity bills, compounding inflation’s financial toll on people and businesses. https://t.co/AsipYsBeKW

— Yasir Mahmood (@MofaYasir) May 3, 2022