Cigna has published its COVID-19 Global Impact Study. The study examined the financial confidence of New Zealanders before and after the arrival of COVID-19 to New Zealand. Cigna built on data from the Cigna 360 Well-Being Index. The study is primarily based on data collected from May 2020 to August 2020 to understand the change in attitudes. The study that had over 20,000 participants found that New Zealanders are becoming more pessimistic about their financial position.
“Our Cigna COVID-19 Global Impact Study: Resilience and Well-Being through the Pandemic* shows that New Zealanders are becoming increasingly pessimistic about their financial position, which highlights the increasing importance of financial advisers in supporting our customers through this time of economic uncertainty.
This latest study builds on the data we’ve collated since 2014 through our Cigna 360 Well-Being Index which tracks perceptions about the health and well-being of people across our international markets.
Our 2020 study includes data collected from May to June and July to August to understand people’s changing attitudes to the unfolding COVID-19 crisis.”
The study found that the views of New Zealanders coincided with views of others around the world. The financial confidence of those surveyed in all markets was generally dim, with 49% of participants expressing that they have the worst possible outlook on the impacts of the economic environment on their financial situation. Cigna has noted that New Zealanders are in need of good advice during this time and said that it will continue to monitor attitudes.
“The impacts of COVID-19 on New Zealanders financial well-being fall broadly into line when compared to other international markets. Across all markets surveyed 49% of respondents continue to have the worst possible outlook on how the economic environment will impact their financial situation and their ability to maintain current standards of living.
Now more than ever New Zealanders need access to good advice. Together we can leverage insights such as these to build confidence, put advice front of mind, and ensure we continue to meet the changing needs of New Zealanders.
We’ll continue to monitor how New Zealanders’ attitudes towards our wellness measures change over the coming months and will share any significant changes with you.” Download CIGNA - RESILIENCE & WELL-BEING THROUGH THE PANDEMIC SEP 2020
In other news
FSC: Financial Services Council chairman Rob Flanagan said he was proud to see how the group’s members came together during the Covid-19 pandemic
RBNZ: The Reserve Bank predicts that the economy will not reach levels seen in 2019 until 2022
(Chatswood will update the industry financial performance index and individual financial performance charts in the quarterly life and health report for the quarter to 15 December which will be issued by 20 December so you can add it to your holiday reading pile).