Please review my IELTS essay task 2. Thank you!

Topic: In many countries the cost of living is rising. What are the effects on individuals and society? What measures can be taken to deal with this problem?

My essay:

It is true that more and more people around the world are facing difficulties when a larger portion of their income is spending on living expenditure. This trend has many effects on each resident and the community as a whole and governments are expected to impose solutions to tackle this problem.

The high cost of living results in several serious issues for dwellers and societies. From the perspective of individuals, more money being spent on living expenditure means they have less budget for savings or emergencies. If all of their income is spent today, they will not have enough money to pay the bill when they retire and will be highly rely on governments’ pensions to live paycheck by paycheck. From the social perspective, when the cost of living becomes a burden, people have to focus on making a living and become aggressively competitive. For those that could not make ends meet, it is highly that they may turn to a career of crime, worsening crime rates and inequality, which are already at alarming rates.

Remedies should be taken to deal with this phenomenon. One of the solutions could be building social houses to reduce accommodation expenses. Subsidies from governments such as lower interest rates and privileged residential loans also play a vital role to bring homes to people who are in need. Agriculture should be high on the governments’ agenda to ensure supply for food meets the growing demand.

In conclusion, the rising cost of living has many profound impacts on inhabitants and societies. Governments should allocate resources and put efforts to solve these issues.

Thank you in advance for your time, I am greatly appreciated any feedback