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Press release: Women most likely to feel financial stress from Covid-19

19 May 2020

As part of Mental Health Awareness Week Quilter is reminding people to talk about their finances

The financial impacts of Covid-19 are being felt far and wide and it is causing some groups, such as women, to worry more than others. Quilter research* reveals nearly 60% of women (59.1%) are likely to be concerned about the impact of Covid-19 on their finances compared to 44% of men.

We are also seeing a marked difference in ages as women and men aged 30-45 years old are also having sleepless nights over their finances with 27.4% saying they are very concerned and 36.3% feeling slightly concerned. This compares to those aged 75 and over, just 5% of whom were very concerned and 15% which were slightly concerned.

This is Mental Health Awareness Week and it is vital that we acknowledge the link between financial worries and mental health issues. Figures from the Money and Mental Health Institute reveal that 86% of people who experience of mental health problems said that their financial situation had made their mental health problems worse.

Quilter is urging people to talk about their finances with their loved ones and use available financial and mental health services provided by the government including Mind and Citizens Advice.

Jane Goodland, corporate affairs director at Quilter:

“Across the nation anxiety has been high as people are bombarded with concerns about their health, their loved ones, their jobs among other things. So financial strain has a very real capacity to being an unwelcome cherry on top. 

“We know mental health is deeply linked to the state of one’s finances. Living in financial stress can lead to mental health issues problems and those with mental health issues often find it difficult to cope with their finances.

“Our research shows some groups are feeling the current strain more than others, including women and those aged 30 to 45 years old, who are likely to have young families.

“These are extraordinary times and we need to support each other. If you are struggling with your finances there is no reason you should bear the burden alone, there are many who are in the same position as you. If you are not in charge of the household finances then ask the person that is. This needs to be an open and honest conversation.”

 

* Survey conducted by Toluna on behalf of Quilter between 27-30 April 2020 with 1014 UK adults

For more information contact

Kathleen Gallagher
023 8072 6293 
079 9000 4932
kathleen.gallagher@quilter.com

Michael Glenister
0207 7789 638  
07469 144 535
Michael.Glenister@quilterinvestors.com

Notes to Editors:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.