In many countries, the cost of living is on the rise. What effects do higher prices have on individuals and society? How do people deal with higher costs?

It is a fact that the living price is soaring in many nations. In

this

essay, I intend to delve into the impact of

this

phenomenon in both personal and social aspects, as we as some solutions that can be adopted to deal with

this

issue. On the one hand, the rising costs of living certainly have implications for individuals in

this

modern world. Higher costs of living post a strain on the amount of disposable income for an individual.

For example

, working parents who are responsible to make ends meet to support the whole family may have to cut down on the budgets for personal entertainment. The money saved will be allocated for daily expenses,

such

as increased electricity bills, medical services,

as well as

water bills, without which a family could collapse.

Such

a situation might lead to a low living standard in which citizens have no budgets to spare for other engagements in their lives.

On the other hand

, the exorbitant cost of goods in the market may bring a negative impact on the development of the social economy. People may be deterred by the prohibitive prices of commodities as they become less affordable.

For instance

, it would be a challenge for people from low socio-economic backgrounds to survive in

such

a pricy country in which they might not be able to afford high-priced products on supermarket shelves.

As a result

,

this

circumstance may discourage residents to purchase items listed at less affordable prices,

therefore

, leading to a declined consumption level in a country.

Consequently

, the advancement of the economy for a nation would fall behind its competitors around the globe as people spend less money on goods to improve the economy. Two measures can be taken to tackle the above-mentioned problems. First of all, it is important to educate the public about financial management. The government and educational institutions should take responsibility to provide information about the techniques and skills on how to spend money wisely

while

maintaining a higher level of living standard.

Secondly

, the government should

also

disseminate knowledge on sharing schemes to the general public to encourage a sharing culture.

For example

, the implementation of bike-sharing schemes effectively facilitates a sharing habit among citizens at a low cost, in the meanwhile, reducing greenhouse gas emissions

such

as carbon dioxide to the atmosphere. To summarise, a rising living cost has the potential to have an undesirable impact on the individual

as well as

the development of society. Government action can address

this

issue.