It is a fact that the living standards are increasing in many parts of the world which might be detrimental to not only the residents but
the whole nation.
, society can take steps to mitigate potential consequences.
regard to individuals, rising living costs result in hardship for many families.
, when the expenditure of living soars, they are more likely to live on shoestring budgets and have to cut down on the expense for everyday necessities like food, rental fees, electricity bills.
, if the wages fail to catch up with the increasing prices or if
have to downsize since they cannot afford their cost of running anymore, both blue-collar and white-
workers would have to force themselves to make more money, even by gambling or criminal activities.
, higher crime rate and a growing number of unemployment would lead to social unrest, which puts a burden on the government and
affects the development of a country.
, actions should be taken by both national authorities and citizens to tackle the issue caused by escalating prices.
, it is vital that the government
public subsidies for basic needs
as food, public transport, healthcare and so on.
, in the UK, not many people on average incomes are able to pay for the medical bills so the NHS treats all the ailments for free.
, each person should be a smart consumer simply by not purchasing unnecessary goods or opening a bank saving passbook. Those are some effective ways to make the most of your hard-earned money.
the downside of rising living costs could affect both dwellers and community, some plausible plans could be carried out to solve
problem if we all commit to join hands.
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