Almost a quarter of people are worried that they will experience a mental health issue in five years

Research from investment, protection and retirement specialist LV= reveals that many people are prioritising their mental wellbeing this World Mental Health Day.

The LV= Wealth and Wellbeing Research Programme* - a long-term quarterly survey of 4,000 UK adults – highlights attitudes towards the public’s financial and mental wellbeing. It reveals that:

  • 23% of UK adults are worried that they will experience a mental health issue in the next five years, requiring weeks or months off work. This rises to 25% for women.
  • 17% were worried about having mental health issues in the next five years and having to wait for the NHS to provide counselling or treatment.
  • 37% said that they felt exhausted during the last three months.
  • 18-34 year olds were the age group most worried about having to wait for mental health support.

Since the Wealth and Wellbeing Research Programme started three years ago, there has been a marked shift in financial goals as many people have chosen to adjust their priorities compared to 2020. Our latest findings outlined key long-term trends across this period:

  • UK adults are feeling more exhausted compared to three years ago (26% vs 37%).
  • 44% of all UK adults say they are putting more focus on their mental wellbeing than three years ago, with 18-34 year olds most likely to have become more focused on this (58%)
  • A fifth (20%) of those aged 35-54 said that they have put less focus on their career. 
  • 10% of respondents said they or a family member had experienced delays to medical treatment or diagnosis, likely reflecting the increase in NHS waiting times since 2020. 

Almost one quarter of British adults are lonely

Loneliness spiked during the Covid-19 lockdown with around one third of people feeling affected in March 2021. Since then, self-reported figures have dropped to a steady 23%, suggesting that the UK has an ongoing issue with social isolation.

Mike Farrell, Protection Sales and Marketing Director, said:

“The LV= Wealth and Wellbeing Research Programme has been active for three years now, capturing consumer attitudes during the pandemic and cost of living crisis. These factors have ultimately caused people to reflect on the challenges they faced, and priorities have shifted as a result.

“It is positive that more people are choosing to put their physical and mental health first, however as a society, we are still dealing with the effects of the pandemic. Having the right protection cover in place would help give people peace of mind if they were to experience a mental health event. 

“LV= Doctor Services is also a way for policyholders and their families to remotely access counselling and remote GP services, including Second Opinion for medical diagnosis. Our latest data showed a 42% rise in remote GP consultations, with a surge in the number of people requesting support for depression or low mood symptoms compared to the previous year.”

Notes to Editors
*LV= surveyed 4,000 nationally representative UK adults via an online omnibus conducted by Opinium in June 2023
UK population stats from ONS. Total UK adult population is 52.9m UK adults (aged 18+).

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About LV=

LV= is a leading financial mutual and serves over 1.16 million members with a range of financial products. When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We offer our services direct to consumers, as well as through IFAs. 

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited (LVFS) and trading styles of the LV= Group of Companies. Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth, BH1 2NF.