Financial worries outstrip fears of catching Covid – survey

More people are worried about their finances than about catching coronavirus, research suggests.

Almost four in 10 people (38%) are worried about their finances – up from 32% in January and the highest level since the start of the pandemic, according to researchers at University College London (UCL).

This compares to 33% who are concerned about getting Covid-19, down from 40% in January, the Covid-19 Social Study found.

Researchers said the changes likely reflect concerns about the cost-of-living crisis, while the lifting of legal restrictions in England has affected how people view coronavirus.

It also found that fewer people felt in control of their finances in March than in October last year (56% versus 63%).

Working age adults were twice as likely as older people to report concerns.

There has also been a drop in happiness and life satisfaction levels month-on-month since the summer of 2021.

Some 49% said they feel in control of their mental health, down from 54% six months ago.

And, the proportion of people with symptoms of anxiety and depression was found to be at its highest level for 11 months.

Lead author, UCL’s Dr Daisy Fancourt, said: “These findings could suggest that our return to more ‘normal’ living has not had all the mental health benefits that people necessarily expected.

“But it is also notable that the last few months have seen a cost of living crisis emerge.

“Concerns about money have been increasing, with people now more concerned about finances than about Covid-19.

“This suggests that new psychological stressors are becoming dominant for individuals.”

She continued: “Nevertheless, it is important to remember that the number of Covid cases, hospitalisations and deaths remains equivalent or higher than in January 2022, meaning that the overall situation remains unchanged despite the shift in attitude.”