One in five people are seriously considering taking out private medical insurance (PMI) to access doctor’s appointments, according to a report from Axa.
The insurer’s second Customer Lifestyle Report which surveyed 2,000 people, found while a third had cut cover on things like car insurance, one in five were seriously considering buying health insurance in the next three months, to help achieve more convenient access to doctors’ appointments.
The report also revealed that three-quarters of adults have cut spending – with days and nights out, the use of electrical appliances and gifts among the top items to curtail.
These cuts and general concerns about costs were found to be adversely affecting people’s mental wellbeing, with 40% stating their financial situation has negatively impacted their mental health.
When asked about the impact of financial security on their sense of wellbeing, 82% agreed that it was an important factor. Half of respondents also agreed that not being able to afford things they want and need negatively affected their self-esteem.
Over half of people surveyed described themselves as ‘getting by’ in terms of mental health. Those aged 18-24 appear to struggle more than older adults, but all age groups are making intentional cutbacks to spending in the belief that it will improve mental wellbeing.
One in four said that they are likely to reduce their Christmas spending this year and half shared that they do not want to cut back but know this may be necessary. When finances do need to be reined in, many prioritise socialising and being with friends and family and plan to reduce their spending in other areas, such as on gifts, and food and drink, rather than on hosting parties and visiting friends and family.
However, many respondents also continue to have the same life goals for the future that they had earlier in the year and are optimistic about achieving them.
For example, 48% were found to be planning a holiday and 83% felt likely to achieve that goal. Around four in 10 (37%) planned to save or invest and 70% felt they are likely to manage that.
Many respondents were found to be continuing to make short-term sacrifices to help achieve their longer-term goals. Just under 6 in 10 respondents say they were on track to achieve their long-term goals and do not foresee delays, with 70% believing their current approach and spending behaviours will enable them to do so.
Vicki Joshi, chief customer and brand officer at Axa UK, said: “We know that many people are having to make difficult choices about how they spend their money and with Christmas fast approaching, they may need to reduce spending on things that are not perceived as a necessity. Although reducing financial commitments may be important, it is essential people are protected and have the right cover for their needs, for the times when they may need it most.
“We know that financial pressures can cause additional stress and our report shows that a significant number of people describe their mental wellbeing as ‘getting by’.
“I would encourage our customers to read our mind health report which shares tips and suggestions to help protect your mental health and wellbeing. We will continue to understand and respond to changing needs so we can remain relevant in our customers’ lives.”