Research from protection specialist LV= reveals how the Coronavirus outbreak is affecting the nation’s mental health.
The latest figures from the LV= Wealth and Wellbeing Monitor*- which surveys the financial confidence, health and wellbeing of 4,000 UK consumers - reveals:
A quarter of the general population say lockdown and social distancing measures have left them feeling lonely and isolated, with those on furlough (33%) or who have lost their job more likely to feel this way (55%). Over one in 10 (11%) unable to work for two weeks or more in the past three months have sought face-to-face or online mental health support.
Some 59% of young adults aged 18-24 years old say they have felt stressed or anxious in the last three months and 44% say they have felt lonely and isolated.
More than one in ten (11%) young adults have independently sought mental health support online, showing that remote counselling and therapy services are an accessible option during lockdown.
The general public is also anxious. Some 40% fear a second wave of coronavirus and nearly a quarter (23%) are worried about going into shops, restaurants and pubs.
LV= offers a range of support services for members. As part of our member care line, policyholders can access a 24/7 counselling line for immediate help on any worries or concerns that they may have. This is operated by UK trained counsellors who are experienced in supporting on a range of issues.
Earlier this year, LV= introduced a dedicated counselling line for 16-23 year olds to support on with a range of mental health issues including stress, anxiety and depression.
“Fears about the financial impact of coronavirus, impending jobs losses and isolation caused by lockdown have left individuals and families across the UK feeling anxious.
“The virus has not only had a devastating impact on physical health, it also has a huge effect on our mental health. Everyone has had to adapt to the Coronavirus pandemic in different ways, but young people continue to face severe pressures on their finances and mental health.
“At LV=, we are proud to offer payment breaks and remote GP consultations and counselling services via LV= Doctor Services to vulnerable customers who need extra support. Earlier in the year, we also introduced a dedicated emotional wellbeing helpline for young adults up to the age of 23, who may be children of our members, or policyholders themselves.
“Since March, almost a quarter of members using Doctor Services to access therapy were between 18 and 30 years old. Maintaining mental health has become a priority at this time, especially for those experiencing financial distress and providing ease of access to support services is vital. Uncertain job prospects and income shocks in recent months prove that protection policies can provide more than just a financial safety net for our members.”
Mental health (29%) is the single biggest reason for LV income protection claims.
LV= offers members emotional and practical support that they can access every day.
LV= Doctor Services provides members with access to six expert medical services provided by Square Health. Over the COVID period LV= has seen an uplift in LV= Dr Services app downloads and increase in remote GP appointments.
Since the start of the coronavirus outbreak, LV= has introduced measures to help members keep their policy in place.
LV= members facing extraordinary or unusual circumstances can also apply for financial or practical support through the LV= Member Support Fund. If they meet the criteria, this could be a lump sum payment to help them through hardship.
Since the start of 2020, through the Member Support Fund, LV= has supported 60 members with a total of £43,000. Some 34 of these applications were from members who have been directly affected by coronavirus. Last year LV= supported 75 members with a total of £98,000.
LV= has this year taken 126 counselling calls, via the Member Care Line. 73 of these calls were dealing with mental health issues.
* LV= surveyed 4,004 nationally representative UK adults via an online omnibus conducted by Opinium in September 2020.
LV= is a leading financial mutual and serves over 1.3 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 and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria 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. Phone: 01202 292333.