Nearly three in ten women Over 50 are financially worse off from the pandemic

Women Over 50 are one and a half times as likely to have suffered mental health problems because of the crisis than men. Women are also more likely to be worried about the next 12 months and to have money worries for the future.

The study also found working people are more likely to have seen their mental health decline because of the pandemic and are almost three times as likely to be worse off financially than those who are retired. They are also considerably more worried about the future – both in general and money terms – than retirees.

This is perhaps understandable when you consider that almost half (46%) of Over 50s who were working at the start of the pandemic have either lost their job, been furloughed, or had their hours or pay cut, and 39% are now worse off – by £458 a month on average. Amongst retirees, just 12% are worse off.  Furthermore, three-quarters of people Over 50 say their work-life balance is worse as a result of the pandemic.

Ian Atkinson, Marketing Director at SunLife said “Our research shows that the pandemic has taken its toll on older people’s mental health, and women more than men. There are undoubtedly a number of factors at play here, but not being able to travel, and the lack of social contact are likely to be major reasons, as previous studies have told us that spending time with family and going on holiday are the things that bring older people – particularly women – the most happiness.”

“The disruption to jobs, worsening work/life balance and reduced incomes has almost certainly had an impact; almost half of people Over 50 who were working at the start of the crisis have seen their job negatively impacted and 39% are now worse off than they were before.”

“But, with the vaccine programme well underway and the roadmap for the easing of restrictions now in place, at least now there is some light at the end of the tunnel and older people can hopefully start feeling a bit more positive about the future.”

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