Financial Insecurity: 10 Of The Best Sources To Help With Money Worries During Cost-Of-Living Crisis

Around nine in 10 (89%) adults (about 46 million people in Great Britain) continue to report that their cost of living has increased, according to the Office for National Statistics. The most common reason for feeling the pinch is noticing an increase to their food shop (94%), gas or electricity bills (82%) and the price of fuel.

The government has made attempts to help people navigate the crisis, with ex-chancellor Rishi Sunak previously saying: 'We have a responsibility to protect those who are paying the highest price for rising inflation, and we are stepping up to help.'

Earlier this month, another attempt to tackle the economic crash came by way of the September 'mini budget', announced on Friday September 23 by then newly appointed Chancellor of the Exchequer Kwasi Kwarteng. It outlined the government's imminent economic spending plans, and came ahead of the two traditional fiscal statements of the year - the Autumn Budget, usually shared in October or November, and the Spring Statement, in March.

But the measures supposedly set out to tackle inflation and cut taxes for economic growth are causing a lot of upheaval. Many have shared concerns that the mini budget benefits those already on high incomes and does little to take the financial burden felt by low-income earners. For example, it cut the basic rate of income tax by just 1% (from 20% to 19%, effective from April 2023), but axed the higher rate of 45%, meaning there will now be a single high rate of 40% from April 2023.

Research carried out by global employee wellbeing platform Champion Health has shown 71% of UK professionals are experiencing moderate to high levels of stress. And the cost of living crisis is causing those who experience financial pressure (34% cited it as the cause of their stress in the survey conducted) to feel fatigued.

In the midst of the ongoing crisis, we've rounded up 10 sources for tackling financial insecurity and money worries.

Here's 10 of the best sources to combat financial insecurity during the cost of living crisis:

1) This Girl Talks Money

Ellie Austin-William has worked for a range of legal and marketing companies, and in 2019 launched This Girl Talks Money, which teaches this generation - and the next - lessons about money that we didn't learn at school. Cultivating a money mindset and learning better money management skills is at the core of her platform. Moving the conversation forward, Austin-William uses the experience and insights she's gained from working with established fintech and financial services brands to create engaging and carefully curated content.

She covers everything from myths about money that can slow your financial progress and the cost of being single, to handling money stress and real-life accounts of women navigating their salaries. She has since branched out into hosting a podcast, Money Unfiltered, which recently delved into the 'money obsessed world' we're living in. In recent weeks, she's also touched on subjects including the hidden things business owners don't publicise, money mistakes and splitting bills with your partner.

2) Clare Seal

Clare Seal is vocal about personal finance, and on September 30, for example, opened up about her own mortgage experience. This was after requests from her followers about how to avoid the risk of overpaying on a mortgage. She's also discussed how to manifest away the cost of living crisis, addressed the questions we should be asking in order to reach our dream retirement goals, and shown her followers how to reset their relationship with money. Seal is the founder of The Financial Wellbeing Forum, which provides unapologetic and supportive conversations about money, author of Five Steps To Financial Wellbeing, and a self-employed financial coach.

3) Emilie Nutley

'Helping you pay off debt, save & build wealth,' reads Emilie Nutley's Instagram bio. She offers financial solutions to budgeting, delving into how to acquire multiple revenue streams, saving versus investing, pay day must-haves and reaching financial goals. As well as sharing advice around topical and long-term financial issues, such as living within your means and the economic downfall, her platform includes free resources, money offers and a monthly masterclass.

4) Female Invest

Women, female-identifying and non-binary people are the target market for Female Invest, a community on a mission to close the financial gap. Founded by three women - Emma Due Bitz, Camilla Falkenberg, and Anna-Sophie Hartvigsen - it educates people on personal finance and investing, fosters financial confidence, and teaches women and marginalised voices to learn to use their money for positive impact.

Bitz, Falkenberg and Hartvigsen are also the co-authors of Girls Just Wanna Have Funds: A Feminist Guide to Investing, a book which proves you don't have to be a financial guru or a millionaire to make money. Together they teach you how to set realistic goals, demystify financial jargon and markets, and become independent with a 'f*ck you fund'. In other words, they are the dream team when it comes advice advice on getting serious about your financial future.

5) Charlotte Jessop

Charlotte Jessop provides simple, easily workable tips around money anxiety and improving money management. The mathematics graduate, who has received myriad accolades from The Chartered Institute for Securities & Investment, is the director of Look After Your Pennies (LAYP), and offers financial educational materials, with a focus on women, immigrants, and those below the poverty line. LAYP hosts workshops, live events, and group coaching sessions, and uses UK-based personal finance to educate on topics such as tax, credit, budgeting, interest rates, mortgages, student loans, and investing.

6) Olamide Majekodunmi

Podcast host and founder of All Things Money, Olamide Majekodunmi, provides adults with financial tools to help navigate everyday life. She dissects current topics, such as the September mini budget, and picks apart everything from student accounts to energy saving hacks. This business management graduate has also released eBooks, workbooks and planners to help develop people's financial literacy. Her latest podcast episode helps listeners understand whether now is the right time to buy a property. On October 26, she'll be hosting a live event around navigating the cost of living crisis.

7) Breaking The Debt Cycle

Budgeting income and side hustles are two key topics covered by Breaking The Debt Cycle. Whether you want to tackle sinking funds and out of control spending, emergency savings or payday anxiety, this page's tips and guidance will help better manage your money worries. It also shares real examples of clearing debt and dealing with day-to-day finance conundrums.

8) Alice Trapper

https://www.instagram.com/p/Cbslthyqx1q/

Alice Trapper's specialty is work and money. Do you need to give yourself a reality check, clear a secret debt, or feel at ease knowing you turned down a promotion for a job that offers better emotional stability than extra pocket? Trapper's regular posts around our biggest money issues enable you to answer these questions and more. Recently, she spoke about retirement goals, alternative career paths, prioritising mental wellbeing and making linear career routes a norm as opposed to a taboo subject. She also normalises not having a plan, taking a sabbatical and unconventional routes to making money.

9) Kia Commodore

Kia Commodore has worked with brands such as Fiverr, Plum, Barclays, Monzo and TATE Britain to deliver sessions around financial literacy, and shares her insights around money with her 21.1k followers - and counting. She covers topics such as home buying, investing, and saving and investing within the black community. Commodore also encourages her followers to take part in regular saving challenges, and practically showing people with financial goals how to convert pennies into big saving pots.

10) Emma Edwards

An expert in financial psychology, Australia-based Emma Edwards is adept at helping us tackle our wellbeing when it comes to money. She's the brainchild behind The Broke Generation, which provides money tips based on psychology and human behaviour. Her latest podcast episodes cover how to feel wealthier in your everyday life, ways to romanticise your life and finances, and how to change your financial behaviour, according to science. And she ensures her followers get to know the real her with topics such as 'thoughts on turning 31' - the title of her most recent podcast episode.

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