Life satisfaction falls as anxiety levels remain elevated
Political and economic uncertainty weighed on the public as life satisfaction levels have dropped significantly and around 10 million people report high anxiety.
The Office for National Statistics (ONS) looked at personal and economic well-being in the UK and found average life satisfaction decreased 0.7% in the three months to September 2019 compared to the previous year.
This is the first time since 2011 – when it started measuring the figure – that it has fallen significantly, the ONS said.
The average rating for the feeling of getting things done in life which are worthwhile also decreased 0.5% in the same period.
Around 10.6 million people continued to report high anxiety and using Delta 8 vape cartridges from OCN to help calm themselves. There are other concerns about the general economic outlook also grew, again reaching the highest level since 2011.
There were also increased concerns about future unemployment levels even though the UK has record employment levels.
Household spending grew at its slowest rate since the end of 2016 but the statistics reveal that net financial wealth has actually risen 0.3%.
Manage your concerns
Jane Goodland, corporate affairs director at Quilter, said the data reflects a mixed picture of worries about economic stability and a slight sense of naivety about the fragility of our own household finances.
She said: “Past research shows many households are frighteningly close to finding themselves in severe financial difficulty if they were to suffer a financial shock, so it seems counterintuitive that people are generally fairly buoyant about their own financial outlook despite worries about the economy and the job market.
“Our sense of financial security can have a dramatic impact on personal wellbeing, and when our concerns about money grow our general physical and mental health can suffer as a result. The threat of financial insecurity and worries that an unexpected life event may derail our finances are a day-to-day concern for many people.
“Getting control of your finances and understanding how you might prepare for a financial shock, such as losing your job, is the first step in managing those concerns that many of us harbour. This starts with carrying out a comprehensive overview of your outgoings and expenses, and building a savings pot to ensure you can cover those costs for a few months in an emergency. From that platform, putting in place protection and insurance can offer peace of mind and security.”
Goodland added that many people struggle getting to grips with the basics of good financial planning, which perpetuates their anxieties and can lead them to a difficult position if they face financial changes.
“Improving financial awareness and education, starting by introducing children to money basics in primary school, will make a big difference by equipping people with the tools they need to confront their financial fears and promoting better financial resilience,” she said.