Research from protection specialist LV= reveals how the coronavirus pandemic is impacting the nation’s mental health.
The latest findings in the LV= Wealth and Wellbeing Monitor indicate that:
Women’s mental health has been affected more than men’s by the Covid-19 crisis
- 41% (11m) of women admitted that they feel exhausted, compared to 24% (6m) of men.
- Over half of women (56%) were feeling stressed or anxious, compared to a third of men (35%).
Women’s mental health has continued to worsen throughout the pandemic
- Between September 2020 and March 2021, the proportion of women feeling stressed increased by 5% to 56%.
- The number of women feeling exhausted rose by 9% in the same period and 6% more women surveyed were feeling lonely and isolated.
Women are more worried about money and about contracting Coronavirus
- 35% of women say they are worried about money, compared to 25% of men. The proportion of women worried about money increased by 6% between Sept 2020 and March 2021.
- Overall concern about getting coronavirus has dropped from 32% in December to 23% in March. Women are more worried than men about getting the virus (27% of women vs. 19% of men), despite the lower risk compared to men.
Debbie Kennedy, Protection Director at LV=, said:
“More people than ever are experiencing emotional pressures triggered by the uncertainty of the virus. Women have tackled the stresses of extended lockdowns, juggling parenting and caring responsibilities with working from home. Those who are self-employed or work in the retail and hospitality sectors have felt the burden of supporting families on reduced incomes. Over a quarter of women surveyed (28%) admitted that their finances have worsened over the last three months.
“The impact of national lockdowns and social distancing has affected the health of millions, with nearly one in three (31%) feeling lonely and isolated. These concerns are taking its toll on the public and we should be doing more collectively to look after our mental health.”
The ABI Mental Health Standards reflects an industry-wide effort to ensure that applicants get the right cover that they need. We must continue to provide our most vulnerable customers with increased access to insurance and support, ensuring that the right mix of services are accessible to women.”
In April, the ABI launched a CII accredited e-learning module on mental health in collaboration with Rightsteps to improve knowledge and understanding within the insurance industry.