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 -- 1st Edition
Click here for the Cigna COVID-19 Global Impact
Study -- 2nd 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