Almost half of people living in Asia[1] have accepted that COVID-19 is here to stay for another year or more and have changed their health, digital, and financial habits to match the new normal, amid continued concerns about their income and overall wellbeing, according to new research from Manulife.
More than one in three people (35%) surveyed as part of Manulife's third Asia Care Survey[2] say that they think the pandemic will last at least another year, with an additional 14% of them thinking that it will never end. Regionwide, 44% say their income has dropped as a result of COVID-19, with about two thirds (64%) having savings to last less than one year if they lose their income. However, while concerns about the economy and longevity of the pandemic persist, the public has learned to adapt and take control of their overall health and finances, especially in the face of Omicron and other variants.
"Unsurprisingly, people across Asia are fatigued by more than two years of living through a pandemic, with many unprepared for how long COVID-19 has lasted," said Anil Wadhwani, President and CEO, Manulife Asia. "Our survey findings reveal that there have been profound adjustments in people's behaviour, lifestyles, and broader physical, mental, and financial habits since last year."
Mental health concerns on the rise
Findings of the survey reveal that mental health issues are more prevalent this year than last year with more than two thirds of respondents experiencing symptoms of mental health concerns in the past six months, including sleeping difficulties, inability to concentrate, excessive worrying, and mood swings. Depression ranks fourth among health concerns across all markets (25%), with anxiety (18%) and burnout (14%) also included. Apart from COVID-19, the top health concerns worrying people in Asia include cancer (41%), heart disease (33%), stroke (29%) and diabetes (22%).
A third of respondents also note that their main concern about COVID-19 is that the local economy will take a long time to recover (33%). Other concerns include worsening mental health (18%), high medical costs (17%) and lack of insurance to protect themselves and their family (15%).
The need for greater understanding and awareness of some of the issues around COVID-19 was one of the more interesting findings in the survey. It is worth noting that some of the symptoms of mental health problems overlap with those of Long COVID or the long-term effects of coronavirus. Familiarity with Long COVID is surprisingly low at 35% across Asia. However, interest is high, with 94% wanting to know more about it and find insurance solutions to help protect them.
Household savings low, despite better saving habits
The financial implications of the pandemic continue to be felt across the region, exposing disparities in the savings patterns and long-term wealth planning of people in the region. While two in five (43%) respondents in Asia say they have saved more since the start of the pandemic,[3] two thirds (64%) say they have savings that can only support them for a year or less, if they lose their jobs.
The primary reason for this is an overall limit on the amount of money that people can actually save. Nearly half (44%) of the respondents say they saw a decline in their monthly incomes as a result of COVID-19. Interestingly, about one in five (18%) people living in Asia say they have started their own businesses on top of their full-time or part-time jobs.[4]
"The growing concerns about physical, mental, and financial health are understandable given the pressures people have been under to protect their health, family, and finances since the start of the pandemic," said Julie Nestor, Chief Marketing and Experience Design Officer, Manulife Asia. "It's now more important than ever for us to help ease those concerns, for example, with simple, affordable insurance products that can go a long way towards building a foundation for resilience and security."
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