In the report, 69% of the respondents expressed concerns about their finances – 35% of them admitted that they did not feel strong in supporting themselves or their families financially
A new study from private medical insurer Vitality Life Insurance has found that two in three UK adults are concerned about money in the cost-of-living crisis.
It is always difficult for young people to save for their future but that is being underlined by the enormously challenging financial circumstances many find themselves in at the moment, said Justin Taurog, MD of Vitality Life.
In the report, 69% of the respondents expressed concerns about their finances – 35% of them admitted that they did not feel strong in supporting themselves or their families financially. Vitality added that this might be because three in five people reportedly had had a rise in their bills since March last year.
Around 55% of the respondents were concerned about losing money should they fall ill and were unable to work. Even if this was the case, nonetheless, there were very few who had income protection (10%), critical illness cover (12%), or life insurance (27%).
For employees, 70% of the respondents said that they worried about their financial situation in spite of having full-time jobs. Moreover, 28% of workers also said that they may not be able to cover a month’s worth of expenses should they fall ill and be unable to work. And 34% of part-time employees shared the same sentiment of being unable to fulfil financial obligations if they got sick, as well as 30% of gig-economy workers.
Women, it appears, have been feeling more at risk and less financially strong than men. The report found that 39% of women had expressed this feeling, compared to 30% of men. When it came to expenses, 61% of women said they had had a rise while only 53% of men agreed. Fourteen per cent of women were reportedly not able to save every month within the last 18 months compared to 9% of men.
The growing cost of living has also severely affected families, it appears, with 43% of parents expressing their worries about being able to pay their mortgage. Of those polled, 33% said that they did not feel that they were financially strong. The rate was higher for single parents – 44% expressed concerns in this area.