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A third of people struggling financially also feel lonely

09/05/2022
PROTECTION
  • The theme for Mental Health Awareness Week 2022 is loneliness
  • Findings from the LV= Wealth and Wellbeing Monitor show a link between loneliness and poor financial health

Figures from protection specialist LV= reveal how financial problems have heightened feelings of loneliness for many people. Those experiencing financial struggles have had to cut back on socialising, leaving many feeling isolated.

The LV= Wealth and Wellbeing Monitor* - a quarterly survey of 4,000+ UK adults – reveals:

  • 23% of UK adults have felt lonely in the last three months 
  • Those that say they are struggling financially are more likely to say they have felt lonely in the last three months (32% compared to 23% of the wider population)
  • 28% of those that are struggling financially have decreased their  spending on socialising in the last 3 months
  • Those who felt lonely are more likely to be worried about money, (59% compared to 35% of the wider population)
  • Those feeling lonely are much more likely to have sought face-to-face mental health support than the general public (14% compared to 6%)

Groups most affected by loneliness are women, young people and self-employed:

  • 30% of 18-34 year olds surveyed said they felt lonely or isolated in the past three months, rising to 35% for women in the same age group
  • A quarter of women (25%) said they felt lonely or isolated in the past three months, compared to 20% of men
  • 40% of women say they are financially struggling (compared to 29% of men)
  • Over a quarter (27%) of self-employed workers have felt lonely or isolated

As part of Mental Health Awareness Week (9–15 May), LV= is highlighting the support services available to members living with mental health issues. In 2021, mental health related claims were one of the top 5 causes of claim for income protection at LV=, resulting in over £2million being paid out to 48 policyholders. 

LV= can help those members with mental health by arranging counselling and back to work services with rehabilitation partners Innovate Healthcare. In 2021, 25% of rehab support referrals were for mental health, either as a primary or secondary condition.

LV= was the first provider to include automatic reviewable exclusions for Income Protection customers, allowing those with pre-existing conditions to ask for the exclusion to be removed after a certain time. Mental illness is the most common condition to have an automatic reviewable exclusion, which can be removed after up to three years of no further issues.  

 

“LV= payment breaks were developed with vulnerable customers in mind, allowing us to step in quickly at the height of the pandemic to assist those facing financial difficulties. It is crucial in times of financial hardship that policyholders continue to have access to the support they need and are able to keep their valuable existing cover in place, which we’re able to provide through our Payment Break option. 

We continue to embed vulnerable customer considerations into our culture, practices and processes, ensuring we support advisers and their more vulnerable clients. This is even more relevant as we see many households across the UK struggling to contend with increasing costs for their food, energy and fuel. The extension of our Payment Break is a tangible example of translating those considerations into meaningful action for our members.”

 
Justin HarperPropositions and Marketing Director at LV=

LV= provides a wide range of emotional, practical and financial options and services – at no extra cost - to help policyholders and their families deal with challenging everyday  situations, including: 

LV= Doctor Services (included as standard on all protection policies) with access to six expert medical services available through a convenient app including: — Remote GP 24/7 – appointments around the clock for every day health concerns through to serious conditions. 

LV= Member Care Line (included as standard on all protection policies) provides free and unlimited access to a 24/7 Member Care Line, including health and counselling services. This is operated by qualified professionals who can provide expert support and guidance when it's needed most. This could include advice on their medical condition, coping with the loss of a loved one or coming to terms with their medical diagnosis

LV= Member Counselling Line provides free day-to-day support for dependants age 16-23, while a  Legal Advice Line can provides free and confidential legal advice on a range of personal legal matters such as those relating to employment, consumer contracts, property issues, motoring, landlord and tenant, family and wills and probate.

Notes

* LV= surveyed 4,000 nationally representative UK adults via an online omnibus conducted by Opinium in December 2021.