The high cost of living is mostly effected by the poor, not the rich because the rich gets richer and the poor gets poorer every single day.
One ways which high cost of living as affected the poor is through inflatable. The rising prices due to economic growth, demand or monetary policy.
Secondly, through urbanization. When housing, transportation and amenities in the cities increase, it would be difficult for the poor to meet up with it.
Thirdly, high cost of living can arouse through globalization, trade agreements, tariffs or supply chain disruptions affecting prices can also affect the poor standard of living.
Fourthly, government policies can also affect them through the process of paying taxes, regulations or subsidies influencing prices.
Lastly, demographic changes affects high cost of living also.
All of this effects high cost of living, financial stress, reduced savings, decreased quality of life, increased debt, mental health such as depression, stress related to financial struggles.
The poor is get poorer and it is more favorable for the rich, the rich is living very fine not knowing what the poor are passing through every single day. It is favorable to the rich, in sense that investment opportunities, job opportunities, social status and networking opportunities.
So the government should make it to be favorable for both the rich and poor by increasing wages, provision of job opportunities for the youths also access to amenities, in some areas a high cost of living can be accompanied by access to high quality amenities such as good school and health care centre.
The high cost of living is a pressing concern that affects individuals and families world wide. While the wealthy may find opportunities in a high cost economy, the poor and vulnerable struggle to make ends meet. it is essential for governments, policy makers and individuals to work together to address the root causes by high cost of living, promote economic equality and ensure that everyone has access to basic necessities and opportunities for their own growth.
NNABUIFE SUCCESS Warri, Delta State.
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