Report Also Identifies Negative Impact of Changing Restrictions And Stress Predictors
Cigna International Markets business published the third edition of its COVID-19 Global Impact Study, which sheds new light on the impact of the virus on global perceptions of health and well-being. The report reveals that:
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- People’s confidence about being able to meet financial commitments remains weak;
- It will be a long struggle to mitigate the pandemic’s worst outcomes;
- Some trends are strong indicators of stress;
- Family, friends and adapting behavior are the strongest drivers of resilience.
Feeling the financial crunch
COVID-19 has already inflicted the biggest peacetime economic shock since the Great Depression of 1928. After nine months, the pandemic is having an impact on people’s perception of their financial future.
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This report reveals that people are increasingly concerned about their ability to afford housing with only 27% of people globally saying they are confident they can keep up with their payments. In individual markets there are more stark differences. In the United States, people’s confidence in their ability to pay for their housing costs has fallen by 10% over the last quarter (36% Aug vs. 46% June) and in Hong Kong, there has been a drop of 6% (11% Aug vs 17% June).
Today, nearly half (49%) of global respondents say the economic environment will have a negative impact on their financial situation and planning. In Hong Kong, we’ve seen an 11% rise in the number of people anticipating their financial situation will get worse (63% Aug vs. 52% Jan). Meanwhile, in Singapore, we’ve seen a 5% rise (52% Aug vs 47% Jan) and in the UK a 4% rise (43% Aug vs. 39% Jan).
Jason Sadler, President, Cigna International Markets said: “Across the board, the results exhibit a sense of reluctant acceptance that we are in this long-term with profound impacts for our lives and especially future financial confidence. The slow recovery of confidence and optimism has significant implications for staff management as we face the repeated return of restrictions and an escalation of infections as the northern hemisphere heads into winter.”
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