Heavy stress toll of recession on young -IH survey

The recession is taking its heaviest toll on Ireland’s young working families, with older people reporting far less emotional or health-related distress, according to a major new national survey commissioned by irishhealth.com.

Some 42.2% of people aged 25-39 reported that they “recently found themselves crying or feeling tearful over financial/employment concerns”. This is in stark contrast to just 12.8% over Ireland’s over-55s reporting this level of distress.

Almost exactly 50% of people aged in the 25-39 age groups reported that worry about their finances “had disturbed their sleep recently”. Again, much lower levels of sleep disturbance were reported among the over-55s (30%). Interestingly, worry about finances was also less acute among the under-25s (30.4%); this most likely reflects the fact that far fewer in this age group have children or mortgages.

Women appear to be bearing the brunt of the health and emotional toll. Almost one in two (47%) of women aged 25-39 reported crying/tearfulness over financial/employment concerns, while 59% of women in this age group report feeling “more stressed/anxious” about their financial position compared with a year ago.

These were some of the key findings of a 17-part online health survey carried out by MedMedia Group, publishers of Irishhealth.com and supervised by the Research Centre Ltd. A total of 1,578 people completed the survey between November 27 and December 1 last.

As the nation contemplates the effects of the harshest ever Budget, the survey clearly indicates that younger families are already under very significant strain before further stringencies are imposed, while on the other hand, the over-55s have emerged from 2009 relatively unscathed and may be in a better position to bear some of the pain of cuts than widely assumed.

With the nation gamely celebrating Christmas amidst all the gloom, a total 81.2% of respondents aged 25-39 and 87% of under-25s said the additional costs were of concern to them. This again contrasts sharply with the 55.4% of the over 55s who expressed concern about Christmas costs.

There has been notable reduction in spending on over-the-counter health remedies, with 58% of under-25s, 53.5% of 25-39 year olds and 53% of 40-54 year olds reporting cutting back on such purchases. Once again, the group least likely to reduce spending on such treatments are the over-55s, with just 36.7% reporting a cut in expenditure.

The online survey also identified significantly different responses to financial distress between the sexes. Overall, some 15% of men said that financial worries had reduced them to tears while in women, the figure was much higher at almost 37%.  Women appear to be more stressed than men about finances generally. For example, 53% of women versus 42% said that compared to a year ago, they are more stressed or anxious about their situation. The percentage in men was 42%.

Asked about financial concerns in relation to Christmas, nearly 35% of men said that they thought things would be fine but only 24% of women shared this view.

Respondents were spread throughout the age groups with almost 34% between the ages of 25-29; 38.5% between 40-54 and 23% over 55. Only 4% of respondents were under 25 years.

Of those surveyed, 48% have illnesses that necessitate the use of long-term medicines. Nearly 10% said that they have cut back on their medicines because of financial worries. However, over 49% of all those surveyed have cut their use of over-the-counter medicines because they feel they cannot afford it.

Around 73% of the respondents said that they have private health insurance. Of those, nearly 15% said that they have cancelled or downgraded this insurance to save money.

The recession appears to be having a severe effect on what people do in their leisure time. Some 78% per cent of people said that they have cut down on family outings because of the cost. More women (81%) than men (70%) reported that they had cut back on family outings.

Overall, men appear to be more optimistic about the future than women. Nearly a quarter of all men said that they were optimistic that things will get better next year. However, when asked the same question less than 17% of women felt things would get better.

Pay cuts are widespread nationally, with 71.5% of people reporting that either they or their spouse have taken or been threatened with a pay cut.

The survey asked respondents if they agreed with various statements about the current financial climate. Over 64% said that they thought “that society as a whole has become too obsessed with money”. Nearly half agreed that the “recession reminds me that there’s more to life than money”. Nearly 38% agreed with the statement that: “I think Ireland improved during the boom and I fear it may go backwards now”.

SURVEY OVERVIEW:

Sample: 14,320 registered members of Irishhealth.com who had indicated an interest in participating in online surveys were invited to participate. A valid response rate of 11.1% (1,578) was achieved within the five days allowed (Nov 27–Dec 01). The strong female/male weighting reflects the fact that women tend to be far more engaged with health issues, both personally and as carers of children and older relatives.

Total valid respondents: 1,578

Male: 30.9% (488)

Female: 69.1% (1,090)

Location:

Rep. Of Ireland:          98.1% (1,549)

Northern Ireland         0.6% (9)

Overseas               1.3% (20)

Age:

Under 25:          4.4% (69)

25-39:          33.8% (533)

40-54:          38.5% (608)

55+:             23.3% (368)

Compared to, say, a year ago, are you stressed or anxious about your current financial situation?

a) More stressed:         49.6% (783)

b) Less stressed         6.3% (99)

c) About the same  35.4% (559)

d) I feel stress is having an impact on my health:         8.7% (137)

Have you or your spouse taken or been threatened with a  pay cut this year?

a) Yes:               71.5% (1,128)

b) No           28.5% (450)

Has worry about your finances disturbed your sleep recently?

a) Yes          43.8% (691)

b) No           56.2% (887)

Have you missed any days from work as a result of finance-related health issues?

a) Yes          6.5% (103)

b) No           87.1% (1,375)

c) Unsure     6.3% (100)

Do you take long-term prescription medicines?

a) Yes          48% (757)

b) No           52% (821)

If yes, how long have you been taking long-term medicines?

a) Under a year   13.1% (100)

b) 1-5 years        38% (290)

c) Over 5 years  48.9% (373)

Have financial concerns led you to cut down on taking long- term medicines?

a) Yes          9.4% (125)

b) No           90.6% (1,209)

Have you cut down your spending on over-the-counter health remedies as a result of the recession?

a) Yes          49.2% (777)

b) No           50.8% (801)

Have you recently found yourself crying or tearful over financial/employment concerns?

a) Yes          30% (474)

b) No           70% (1,104)

Have you cancelled or downgraded your private health insurance to save money?

a) Yes          14.7% (232)

b) No           58.6% (924)

c) Don’t have private insurance      26.7% (422)

Have you cut down on family outings because of the cost?

a) Yes          77.9% (1,229)

b) No           22.1% (349)

Please indicate which – if any – of these statements you agree with (multiple replies permitted)

a) “The recession reminds me there’s more to life than money”         

49.7% (785)

b) “I think society as a whole had become too obsessed with materialism”

64.2% (1,013)

c) “I think Ireland improved during the boom and I fear it may now go backwards again”

37.8% (596)

With Christmas approaching, are you concerned about the additional costs this may entail?

a) Yes, very concerned             25.8% (407)

b) It will be a bit of a stretch     46.8% (738)

c) No, we’ll be fine                   27.4% (433)

What do you feel about your personal financial outlook for 2010?

a) Optimistic – I think things will get better             19.1% (302)

b) Pessimistic – am concerned next year may be worse 33.1% (522)

c) I really don’t know what’s going to happen             47.8% (754)

[Posted: Tue 08/12/2009]