Some 31% say they are more worried about money than normal due to the financial impact of the virus.
Nearly one in four surveyed (23%) expect their financial position to worsen over the next three months
The findings are contained in research for LV= which has revealed how the physical and mental health of the public has been affected by the outbreak.
LV= commissioned a series of surveys into the financial and emotional wellbeing of 4,000 UK consumers.
It found that the lockdown has benefitted people’s physical health with people taking more exercise and eating more healthily.
But it has taken its toll on mental health with nearly half (44%) of those surveyed saying they have struggled with the psychological impact of the virus.
The research found:
- • 44% say they have have felt “more stressed or anxious” than normal with 50% of women feeling this way
- 3 in 10 (29%) have experienced a dip in work income over the past three months and 31% are more worried about money than normal
- Nearly one in four people surveyed (23%) expect their financial position to worsen over the next three months
- More than a third of those surveyed (34%) say they are doing more exercise than they normally would and 30% are eating more healthily than three months ago
LV= says mental health (29%) is the single biggest reason for claims on LV=’s income protection policies.
The company has handled £6m in coronavirus-related income protection and death claims to over 600 individuals and families since the start of the pandemic and provides a variety of emotional and practical support services to members who are struggling to cope including LV= Doctor Services.
Debbie Kennedy, director of Protection at LV=, said: “Fears about the financial impact of Coronavirus, impending jobs losses and isolation caused by lockdown are all factors behind the general population’s rising anxiety levels.
“The outbreak has revealed just how precarious the finances of many people are, particularly those who are self-employed, and highlights the benefits of protecting income.”
• LV= surveyed 4,004 nationally representative UK adults via an online survey conducted by Opinium in June.