Articles

LV= Wealth and Wellbeing Monitor, May 2022 Edition

3 minutes

This quarter’s survey highlights the impact of the cost of living crisis. We also explore how people’s focus on what is important to them has shifted since the pandemic.

Our Wealth and Wellbeing Monitor tracks the impact of the pandemic on people's financial and mental wellbeing

Every quarter we survey 4,000 nationally representative UK adults. The survey explores a variety of wealth and wellbeing subjects, including changes to finances, plans for retirement and mental health.

Our May report highlights how the finances of millions of people are feeling the squeeze of the cost of living crisis. Many consumers have seen sharp increases in their monthly living costs and are having to take measures such as cutting non-essential spending, dipping into savings or taking on debt.

On a more positive note, the report also shows how the last few years have made people more conscious of the things that are more important to them in life. When asked how their focus has changed, many told us that their health, family and work-life balance have become more of a focus.

Of those surveyed this quarter:

  • 49% said they were worried about rising prices (up from 33% last quarter)
  • Monthly household living costs had gone up by an average of £219 (£2,628 per year)
  • 79% of those that worked from home during the pandemic want to continue doing so


Read the full report for insights on:

 

  • Wealth and Wellbeing Indices
  • Increased living costs
  • The effect of inflation on savings and retirements
  • Paying for mortgages in retirement
  • Divorce and pensions
  • Covid keepers