Mounting concerns about coronavirus impact on economy

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  • 9 in 10 people concerned about coronavirus impact on the economy
  • Since the start of the outbreak, those very worried about their own health and the health of a family member has halved
  • Attention to coronavirus news has fallen 10% between March and April

A survey[1] to track the sentiment of savers and investors through the coronavirus crisis reveals that anxiety about the economy has increased since March.

The number of individuals with concerns over the nation’s economy has risen to 90%, while concerns over personal health are beginning to ease, according to Aegon.

The findings also show that following the latest news on the virus was all consuming at the start of the outbreak. Individuals were completely absorbed with 94% of people paying close attention to news about the virus. In the latest survey, while still very high, this figure dropped to 84%.

People’s level of concern about their own health is showing signs of having come down during the period of lockdown, with those very worried falling from 15% in March to 8% in April, while concern about a family member has also halved from 31% at the start of the outbreak to just 17% now.

Steven Cameron, Pensions Director at Aegon said:

“In the initial period of the outbreak, we were all understandably in a heightened state of alert about how we individually, as families and as a nation could navigate the greatest public health crisis in more than a century.

“While remaining vigilant is still key there are some signs that health concerns are coming off their peak and are being replaced by growing concerns about damage to the UK economy and what that will mean for jobs, incomes, taxes and wealth.

“While the Government’s focus rightly continues to be on protecting people’s health and lives, our research findings point to a growing awareness of the difficult balance the Government will have to strike as it also seeks to protect livelihoods and the longer term health of the economy.”

 

References

[1] The survey was taken by 1,131 and 1,269 members of Aegon’s customer and consumer panels in March and April 2020 respectively.

 

Notes to Editors

  • In the UK, Aegon offers retirement, workplace savings and protection solutions to over three million customers. Aegon employs around 2000 people in the UK and together with a further 800 people employed by Atos, we serve the needs of our customers. More information: aegon.co.uk
  • As an international life insurance, pensions and asset management group based in The Hague, Aegon has businesses in over twenty markets in the Americas, Europe and Asia. Aegon companies employ approximately 26,000 people and have millions of customers across the globe. Further information: aegon.com

Figures correct as of November 2019