Yahoo Finance Cost of living: Brits more worried about personal finances than catching COVID
More people in the UK are concerned about their finances and the cost of living squeeze than about coronavirus, new research has shown.
Almost four in 10 people (38%) are worried about money and paying bills, up from 32% in January — the highest level since the start of the pandemic.
According to researchers at University College London (UCL), who conducted the survey, this compares to 33% who are concerned about getting COVID-19, down from 40%.
Researchers said the changes likely reflect concerns about the cost of living crisis, including rising inflation, energy bills, and fuel and food, while the lifting of legal restrictions in England has affected how people view the pandemic.
The findings are based on a COVID-19 social study survey of 28,495 people between 21 and 27 March. It was funded by the Nuffield Foundation, UK Research and Innovation, and Wellcome.
Read more: UK consumer confidence continues to fall as cost-of-living crisis deepens
It also found that fewer people felt in control of their finances in March than in October last year, falling to 56% compared to 63%. Working age adults were twice as likely as older people to report concerns.
There was also a drop in happiness and life satisfaction levels on a month-on-month basis since the summer of last year.
Just 49% of Brits said they felt in control of their mental health, down from 54% six months ago. The proportion of people with symptoms of anxiety and depression also came in at its highest level for 11 months.
“These findings could suggest that our return to more ‘normal’ living has not had all the mental health benefits that people necessarily expected,” lead author Daisy Fancourt of UCL’s Institute of Epidemiology and Health Care, said.
Read more: Energy price hike: 5 million English households to feel pinch from rising bills
“But it is also notable that the last few months have seen a cost of living crisis emerge. Concerns about money have been increasing, with people now more concerned about finances than about COVID-19.
“This suggests that new psychological stressors are becoming dominant for individuals.”
Fancourt added that the significant drop in people worried about catching the virus comes alongside a decline in people following previous advice to wear face coverings, socially distance and test regularly.
“Nevertheless, it is important to remember that the number of COVID cases, hospitalisations and deaths remains equivalent or higher than in January 2022, meaning that the overall situation remains unchanged despite the shift in attitude.”
