A survey of wealth and wellbeing has revealed a direct link between poor financial health and loneliness and mental health issues.

Findings from the LV= Wealth and Wellbeing Monitor - issued today to publicise this week’s Mental Health Awareness Week - show a causal link between people’s financial position and their wellbeing. 

The mental health campaign is focusing this year on the issues caused by loneliness.

Financial problems have resulted in “heightened” feelings of loneliness for many people, the survey found. Women, the self-employed and young people are most at risk.

In one example, those experiencing financial struggles have had to cut back on socialising, leaving many feeling isolated, the survey found.

The LV= Wealth and Wellbeing Monitor - a quarterly survey of 4,000+ UK adults – revealed:

•       23% of UK adults have felt lonely in the last three months 

•       Those that say they are struggling financially are more likely to say they have felt lonely in the last three months (32% compared to 23% of the wider population)

•       28% of those that are struggling financially have decreased their spending on socialising in the last 3 months

•       Those who felt lonely were more likely to be worried about money, (59% compared to 35% of the wider population)

•       Those feeling lonely are much more likely to have sought face-to-face mental health support than the general public (14% compared to 6%)

The groups most affected by loneliness are women, young people and self-employed: 

•       30% of 18-34 year olds surveyed said they felt lonely or isolated in the past three months, rising to 35% for women in the same age group

•       A quarter of women (25%) said they felt lonely or isolated in the past three months, compared to 20% of men

•       40% of women say they are financially struggling (compared to 29% of men)

•       Over a quarter (27%) of self-employed workers have felt lonely or isolated

As part of Mental Health Awareness Week (9–15 May), LV= is highlighting support services available to its members living with mental health issues. 

In 2021, mental health-related claims were one of the top five causes of claim for income protection at LV=, resulting in over £2m being paid out to 48 policyholders. In 2021, 25% of rehab support referrals were for mental health, either as a primary or secondary condition

Mike Farrell, protection sales director at LV=, said: “The theme for Mental Health Awareness Week 2022 is loneliness, which affects many people at different stages of life. In particular, young people, self-employed workers and women have experienced isolation and financial pressures in some form since the pandemic began. As emotional wellbeing is often linked to financial resilience, we encourage people to discuss their struggles openly to maintain their mental health.”

The company has a range of mental health and medical support services for members including remote GP consultations and counselling via LV= Doctor Services for vulnerable customers who need extra support. It also has an emotional wellbeing helpline for young adults up to the age of 23, who may be the children of members, or policyholders.

• LV= surveyed 4,000 nationally representative UK adults via an online survey conducted by Opinium in March 2022.