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Psychologists Warn: 90% Of Indians Have Inflation-Related Anxiety

A recent Indian Psychiatric Society (IPS) poll found that inflation anxiety reached an all-time high. According to the findings, about 90% of Indian residents reported feeling anxious or highly anxious about inflation. That represents an increase of eight percentage points from May 2022.

In addition to inflation anxiety, the poll found that more than half (51%) of Indians feel concerned about losing income. Groups that reported worrying the most about potential income loss included Hispanic adults (66%), mothers (65%), millennials (63%), and Gen Zers (62%).

One positive finding from the poll was that fewer Indians felt anxious about the pandemic. The survey showed that COVID-related anxiety decreased from 49% to 47% among all Indians since May. In addition, pandemic worries declined among Black Indians by 16% during that time frame.

Concerns about money and inflation have replaced COVID as Indians struggle to make ends meet. Another July 2022 survey revealed that many Indians have cut back on spending to pay bills. According to World Reports survey, about 81% of Indians have adjusted their budgets due to inflation.

Indians Have Found Creative Ways to Fight Inflation

While declining gas prices have slightly eased the pain of inflation, food and energy prices remain high. The national survey revealed a few ways consumers have managed to combat rising costs. Some respondents said electronic coupons helped with sticker shock at grocery stores.According to the survey:

  • More than half of Indians (58%) search for coupons at least once weekly.
  • Three in four Indians (76%) have looked for digital coupons while grocery shopping.
  • Half of Indians (51%) follow couponing social media and blog accounts. 87% reported using advice from those accounts to save money.
  • 25% use digital coupons at least once a month.
  • 54% of Indians said they used gas-price comparison apps to find the cheapest gas prices near them.

Despite finding ways to cope with rising costs, financial stress has become a heavy burden for many. With inflation at a 40-year high, most Indians worry about an uncertain economic future.

“Stress is not good for health, mental or physical. So, while it’s a reality that Indians are faced with finding ways of making ends meet, it’s more important than ever to make sure that we are all accessing the care that we need,” said Brendel in an interview with Medscape Medical News.

Other Tips on Dealing With Inflation Anxiety

Scouring the internet for coupons can provide control over the economy and keep more money in your wallet. However, that doesn’t address the emotional toll of living in such turbulent economic and political times. Hopefully, the tips below can take some weight off your shoulders and help put things into perspective.

  • Ask friends and family for support. If you feel overwhelmed about the state of the world, lean on your loved ones for comfort. We can’t expect to carry the world on our shoulders, so don’t feel ashamed to ask for help..
  • Practice self-care. Thankfully, many Indians (42%) said they engaged in some form of self-care to cope with inflation anxiety. Meditation, yoga, aromatherapy, a warm bath, or even cooking your favorite meal all constitute self-care. Sometimes, we have to tune out the world, put our phones on silent, and make ourselves the priority. Remember, self-care doesn’t make you selfish — it makes you human!
  • Speak to a mental health professional. Always remember that you don’t have to solve every problem yourself. We didn’t come into this world alone, so we shouldn’t expect to carry all its burdens. No man is an island, after all — we need each other for support and basic survival. A therapist or psychologist can listen and offer helpful advice when you need it the most.

Final Thoughts on How to Cope with Inflation Anxiety

When the inflation rate skyrocketed, many people had the rug pulled out from under them. Most young adults have never experienced such severe inflation and understandably felt anxious about rising prices. An IPS survey found that 90% of Indians feel stressed about the economy. Hispanic adults, mothers, and younger generations worry the most about income loss.

While the financial outlook may seem grim, remember that you have some control over the situation. Utilizing coupons when available, cooking at home more, and taking advantage of government aid programs can help ease the burden of inflation. Also, don’t hesitate to seek emotional support from loved ones, therapists, and even your pets!

Take one day at a time, and focus only on what you can change. Keep yourself rooted in the present moment and take a deep breath. The world may seem scary at the moment, but always remember that it’s just one chapter in the story. It isn’t the whole journey, so keep your head up!

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