Health and protection provider The Exeter has released its Health & Financial Fears Report for 2023, indicating a rise in financial concerns among UK workers.
The study found that 58% of UK workers are increasingly worried about affording basic necessities such as food and utility bills, up from 52% in the previous year. This increase is a part of the ongoing cost-of-living crisis affecting the UK.
Additionally, housing costs remain a significant source of anxiety, with 52% of workers concerned about meeting mortgage or rent payments. This marks an increase from 44% in 2022 and represents the steepest rise in the report’s findings. The survey covered 2,000 employed individuals, focusing on their primary financial and health-related concerns over the past year.
The research also highlighted growing worries around the potential loss of earnings due to personal illness, with 47% expressing concern, a 4% increase from 2022. Meanwhile, the number of people reducing pension contributions has risen from 4% to 9%, which now accounts for nearly three million workers in the UK. However, 65% still remain concerned about not saving enough for the future.
Interestingly, the study also reveals that people are starting to adapt to the economic challenges. Though 75% are still worried about a continued rise in the cost of living, this figure is a 4% decrease from last year.
Isobel Langton, CEO of The Exeter, commented on the findings: “The health and financial fears of UK workers have continued over the past twelve months, with our latest research showing how widely the cost of living crisis is being felt. People are more worried than last year about paying bills, meeting rental or mortgage payments, a loss of employment, the availability of NHS services, and the list goes on.”
She added: “None of us can predict when the uncertainty we are currently experiencing will pass, but we must not forget the role that we play in helping to protect the health and financial wellbeing of UK households. While we should be mindful of the challenges people are currently facing, it’s important that we continue to talk about insurance, the options available and its role in providing more people with support and peace of mind during difficult times.”
