LV= Wealth and Wellbeing Research Programme, July 2021 Edition

Our first Wealth and Wellbeing Research Programme was in June 2020. Since then we’ve surveyed 4,000+ nationally representative UK adults each quarter. The survey explores a variety of wealth and wellbeing subjects, including changes to finances, plans for retirement and mental health.

Our latest report shows signs of economic recovery in the UK. The success of the vaccine programme, fall in death rates and gradual easing of lockdown restrictions is driving consumer confidence. 

A growing number of people say their income has increased over the past three months. As lockdown eases, people are saving less and spending more on socialising. This is good news as it indicates that the UK could experience a stronger recovery when lockdown restrictions are eased and life begins to return to normal. But, we’re not there yet, especially as we are seeing high infection rates and the number of people having to isolate soar. 

Mental health is improving too, with decreasing money worries and loneliness. People are now booking holidays and making up for lost time by visiting their families.

Of those surveyed this quarter:

• 18% said their incomes had increased over the past three months
• Fewer people (than last quarter) are worried about the future or losing their job
• Mental wellbeing is beginning to improve with 24% saying they feel lonely or isolated, compared to 31% last quarter

We also share insights on:

• People’s financial priorities for the next 12 months 
• Married couples not talking about retirement 
• Pension consolidation 
• Retirement options 
• People’s awareness on the role of financial advisers 
• Attitudes to care homes and Equity Release