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More than two fifths or Brits worry about social care and health costs with one in five UK adults not being financially resilient


MetLife’s own research found:

  • One in five (19%) UK adults – equivalent to more than 10 million Brits – say they are not financially resilient. While almost a third (29%) say their financial situation has worsened
  • Just 23% of women would be financially resilient if they experienced a loss of income, nearly half the rate of men (39%)
  • Women were more likely to feel resilient if they could rely on the help of a family member or partner financially (33% vs 25%)
  • 82% of workers admit they worry about having to take time off work due to illness and/or injury since the pandemic started
  • As Brits’ voice their worries, one in four say they have no disposable income to fall back on

Brits say the following are the biggest stressing causing them to worry:

  1. Being made redundant – 58%
  2. Having to use savings to make ends meet – 55%
  3. Having a reduced income – 53%
  4. Getting into debt – 51%
  5. Having to get a second job – 50%
  6. Social care/health costs – 44%
  7. Having to ask my parents/family for financial support – 39%
  8. My investments losing money – 39%
  9. Having to change my retirement plans – 38%
  10. Losing my home – 37%
  11. Not being able to afford my mortgage – 31%

Rich Horner, Head of Individual Protection at MetLife, shares three tips to help women feel more financially secure

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  • Create a Budget : Setting and then maintaining a budget- be it weekly or monthly- is fundamental to understanding your spending capacity and ensuring you keep track of your current and future outgoings. A budget allows you to put aside saving towards a long-term goal, helps avoid overspending and prepares you for financial emergencies. If your bank does not have a spending tracker, check out budget tracking apps like Money Dashboard, Yolt or Plum to get you on track.
  • Saving to Spend: A savings plan not only offers a financial safety net in the event of a crisis, it also helps steer towards a long-term goal. With more women than men adversely affected during the pandemic, women were forced to re-evaluate their financial situation, as many grappled with furlough, job losses, a decreased income, and increased hardship. Creating a savings plan can help women financially plan for life events such as starting a family or buying a house.
  • Look into Insurance: In what has been a very uncertain time, our research found that 16% of people cite having a reduced income and having to dip into savings as a major concern for the next six months. Feelings of anxiety when it comes to money can be a good motivator for people to seek extra assistance, as nobody wants to have to worry about their long-term finances. For peace of mind, a good place to start is putting protection in place to cover larger monthly outgoings such as mortgage payments for homeowners. At a time when house prices are extraordinarily high and financial stability is low, it’s important to plan for every eventuality.

Rich Horner, Head of Individual Protection at MetLife, comments: “Many women have been forced to face their financial fears in the wake of the pandemic. Events have reminded us of the importance of having a plan in place.

“We need to support and encourage women to review what solutions exist to help protect them financially not just in the immediate future but also the longer-term. Financial protection – a safety net that in cases such as illness, time off work or an accident– can make a real difference. Ultimately, it’s important that people plan today to help their future selves to feel and become, financially resilient.”

 

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