LV=’s Income Roulette report, which investigated the financial resilience of specific groups within society, found many of the UK population are not financially secure, and therefore at risk of being unable to cope with a financial shock. In particular, it highlighted the critical relationship between financial resilience and mental health.
To mark Mental Health Awareness Week, LV=’s Justin Harper sent the below letter to editors of national newspapers to put a spotlight on the important role of Income Protection products for those suffering with mental illness.
In our first Income Roulette report we partnered with YouGov to survey the attitudes of over 9,000 adults living in the UK. We asked questions around financial resilience (debt, savings and protection) and identified three large groups who are at risk in society today. Representing millions of individuals and households across the UK they are: Generation Debt
, the Self-employed
and Middle Britain
10th October 2017
Dear Sir / Madam,
The Money Helper figures out this week tell a worrying story of the link between mental and financial health – it’s not uncommon that when one suffers, so does the other. Our research also shows the two are inextricably linked, with more than half of those who suffer from mental health issues saying they are not confident they could handle a personal financial crisis (compared to the national average of 34%) and 79% saying they do not consider themselves financially secure (versus a national average of 48%).
Last year, mental illness was the most common cause of Income Protection claims at LV=. Despite the fact one in four of us will suffer with this at some point in our lives, very few people realise Income Protection exists and will pay out if they can’t work due to mental health issues. LV= believes more needs to be done to ensure people – particularly from the most vulnerable groups in society – are properly prepared to withstand shocks to their income. Everyone should be able to feel safe in the knowledge that if they unexpectedly lost their income, they and their loved ones would be able to cope, and we are calling for the Government’s new Single Financial Guidance Body to have a specific focus on helping build UK financial resilience among those that need the support most, such as those suffering from mental health issues.
Head of Protection Policy, LV=