Cigna's Latest Cigna COVID-19 Study Reveals Widespread Financial Anxiety

Rhea-AI Summary

Cigna's International Markets business released the COVID-19 Global Impact Study, highlighting increased global financial anxiety due to the pandemic's long-term effects. Only 27% of respondents feel secure in meeting housing payments, with a notable 10% decline in confidence in the U.S. over three months. Nearly half (49%) worry about economic repercussions on their finances, with stress indicators showing 83% of people feeling stressed. The study suggests that strong familial support is crucial for resilience amid ongoing lockdown challenges.

Positive

• 53% of respondents identify family and friends as key resilience sources.
• 56% wish to continue working from home at least half the time, indicating potential shifts in work culture.

Negative

• Only 27% express confidence in meeting housing costs, with declines in the U.S. and Hong Kong.
• 49% anticipate negative impacts on their financial situations, reflecting rising economic anxiety.

HONG KONG, Oct. 13, 2020 /PRNewswire/ -- Cigna's (NYSE:CI) International Markets business today 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: 

• 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.

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."  

Realism about the long-term

People have also become resigned to the potential of a constant cycle of lockdowns as the world deals with the virus. Despite most international markets not being in lockdown when the survey was conducted in August, 50% of people globally said they did not think COVID-19 would go away and it will be a seasonal disease. This was most acutely felt in Thailand (59%), Hong Kong (57%), the UK (56%) and jointly Spain and Taiwan (55%). 

People are also cautious about the prospect of a vaccine. Forty-five percent of respondents worldwide expect a vaccine to become available in the first half of 2021, with 23% expecting it in the second half of 2021, and 18% hopeful about one being available in 2020. Some, such as the UAE, are more optimistic where 39% expect a vaccine this year. However, others, especially the UK and New Zealand are gloomier with 29% of Kiwis saying that a vaccine won't come until 2022 or never, and 22% of Brits saying the same.  

Predictors of stress 

Overall global stress levels remain high with 83% of people saying they are stressed, although this has remained consistent throughout the pandemic. 'Always on' working rates have also remained high, with 79% of people reporting they are checking emails and being constantly available after office hours or over the weekends, up from 76% in June and January.

Sadler continued: "With 'always on' working remaining high, and people facing multiple pressures in their personal lives, businesses will need to continue to develop assessments and prepare for the long haul of the pandemic. Being able to identify, mitigate and manage excessive stress burdens will help ensure that team members feel supported and in-turn ensure better outcomes for businesses." 

Having gathered data on people's responses to COVID-19 throughout the year, we found a number of factors that could often indicate the presence of stress. In particular, we see that one of the largest drivers of personal stress is observed stress in one's spouse or partner, especially when that partner is unable to concentrate, becomes negative or is lacking productivity. 

We also found variables that helped mitigate the impact of stress. A number of work-related measures have a significant impact, such as job stability, good career development and good work-life balance, presenting clear opportunities for employers to support their teams. 

Changes to working habits have become ingrained

Extending from the last report, we see that working from home preferences have become more embedded, with 56% saying they want to continue to work from home at least half the time in the future, increasing from 53% in June. The largest increases were seen in Hong Kong where they rose by 13% between June and August (60% Aug vs. 47% June), Spain rose by 6% (62% Aug vs. 56% June) and the UAE rose 8% (54% Aug vs. 46% June). Interestingly, the UK saw a decline of 9% (45% June vs. 54% Aug) suggesting that some weariness about ongoing home working is being felt.

Support networks bolster resilience 

While the third edition of the COVID-19 Global Impact Study clearly shows that the pandemic exerts a toll on well-being, there are encouraging signs of people's resilience and their creativity in adapting to circumstances. 

Family and friends were cited by 53% of respondents as the main source of resilience, above government (43%), health services (36%) and employers (26%). Families were feeling positive (particularly in comparison to other indicators) about the amount of time they were spending together, the quality of that time, and being able to take care of spouse's, partner's and children's well-being.    

Sadler concluded, "The evidence shows that time with friends and family is the leading driver of resilience. Therefore, it's critical that we enable people to spend quality time with their loved ones, rather than simply focusing on work outcomes if we are to emerge from this crisis stronger and more resilient." 

To download the latest Cigna's COVID-19 Global Impact Study click here.

Previous editions:

Click here for the Cigna COVID-19 Global Impact Study -- 1^st Edition

Click here for the Cigna COVID-19 Global Impact Study -- 2^nd Edition

How the study was conducted:

The Cigna COVID-19 Global Impact Study is an ongoing study that has been conducted by Cigna, in partnership with Kantar, between January and August 2020, and will continue for the remainder of the year. To date, more than 20,000 online interviews have been conducted across Mainland China, Hong Kong, Korea, New Zealand, Singapore, Spain, Taiwan, Thailand, United Arab Emirates, United Kingdom and United States.

The study was conducted using an online survey, with respondents recruited from online panels and undergo rigorous quality control. Age, gender and residing city quotas were set based on the population proportion of respective markets. The 20 to 25 minutes survey was completed anonymously.

About Cigna

Cigna Corporation is a global health service company dedicated to improving the health, well-being and peace of mind of those we serve. Cigna delivers choice, predictability, affordability and access to quality care through integrated capabilities and connected, personalized solutions that advance whole person health. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Cigna Life Insurance Company of New York, Connecticut General Life Insurance Company, Express Scripts companies or their affiliates, and Life Insurance Company of North America. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in over 30 countries and jurisdictions, and has more than 170 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.

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SOURCE Cigna

FAQ

What does Cigna's COVID-19 Global Impact Study reveal about financial anxiety?

Cigna's study shows 49% of global respondents expect negative financial impacts, with only 27% feeling secure about housing payments.

How has confidence in housing payments changed according to Cigna's study?

The study indicates a 10% decline in U.S. respondents' confidence in housing payments from June to August 2020.

What percentage of respondents feel stressed during the pandemic?

The study shows that 83% of respondents report feeling stressed, remaining consistent throughout the pandemic.

What factors contribute to resilience according to the COVID-19 Global Impact Study?

The study identifies family and friends as primary resilience sources, with 53% of respondents citing their support.

How do working from home preferences fluctuate according to Cigna's findings?

56% of respondents prefer to work from home at least half the time, up from 53% in June, reflecting evolving work habits.