Taking care of your clients ’ overall wellbeing
There ’ s no doubt the world has adapted to significant change over the last two years . With restrictions on our daily lives relaxing as we learn to adapt and live with coronavirus , alongside fears of a surge in mental health issues , how can you help look after your clients ’ mental and financial wellbeing ?
Stephen Crosbie Protection Director Aegon
What is wellbeing ? Mental health and financial wellbeing
Wellbeing can mean different things to different people . Oxford Languages asserts wellbeing is ‘ the state of being comfortable , healthy or happy ’. Sadly , for many , the impact of the pandemic has resulted in individuals falling far short of this .
Recent research 1 found 10.6 million people in the UK describe their current mental wellbeing as poor , while almost a quarter of people felt isolated from their community due to the pandemic , and for 61 % this affected their mental wellbeing .
But it ’ s not only during extraordinary events such as a global pandemic that our overall wellbeing can be affected . According to the Health and Safety Executive , in 2019 / 20 , 46 % of all working days lost due to ill health were down to stress , anxiety or depression 2 .
With our physical , mental and financial health all connected , everyday worries about family , employment and making ends meet can make it difficult for people to cope .
Financial protection can provide a valuable financial safety net to help ease the day-to-day pressure of maintaining daily finances if your clients become seriously ill . But while financial payouts are essential to help families make ends meet , the need for practical and emotional support can often be a more immediate priority .
Many added-value services , like Aegon ’ s Policy Plus range , are available for policyholders and immediate family members to use at any time throughout the life of their policy – not just at claims stage . Having easy and often immediate access to such services could help provide vitally needed support .
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According to mental health charity MIND , one in four people will experience a mental health problem of some kind each year in England , with one in six experiencing a common mental health problem in any given week 3 .
Research by the Money and Mental Health Policy Institute found people with mental health problems are more likely to work part-time or be out of work due to poor health , while 25 % of respondents with mental health problems had no funds they could use for an urgent or emergency expense 4 .
Poor mental wellbeing can affect the way you manage your money , just as worrying about money can have a detrimental effect on your mental health . When you have poor mental health , managing financial issues can become harder – creating a sense of anxiety and worry , which can affect your overall mental health .
If your clients are unable to work and don ’ t have protection cover in place , times can become financially difficult – which again can create a sense of anxiety , stress and worry , affecting their overall mental health . A financial safety net can help remove the uncertainty of how they ’ d cope if the unexpected happened .
Disclosing mental health problems can be extremely difficult . Only a minority ( 14 %) of people with mental health problems disclosed their condition to their financial service provider or local council 4 . Many find it embarrassing and humiliating . But with almost half ( 46 %) of all working days lost due to ill health because of stress , anxiety or depression 2 , there ’ s a real need to address the issue .
1
Co-op in partnership with SAMH , 3
MIND – Mental health facts and MIND and Inspire - Together statistics , June 2020 through tough times , research 4
Money and Mental Health Policy highlights , October 2021
Institute – The state we ’ re in report , November 2021 2
Health and Safety Executive – Working days lost in Britain 5
Guide to NHS waiting times in
2019 / 2020 , February 2022 England , December 2019