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Purpose This paper aims to demonstrate early psychological concomitants of the Covid-19 pandemic in England on a sample of younger and older people. Design/methodology/approach A cross-sectional quantitative questionnaire (n = 1608) was conducted on the Prolific website. Participants completed the PERMA Scale (Flourishing), the four Office of National Statistics (ONS4) Well-being Questions, the Clinical Outcomes Measure in Routine Evaluation (CORE-10) and the short University of California Los Angeles Brief Loneliness Scale. Findings Data were gathered on March 18, 2020, near the start of the Covid-19 pandemic. This study looks at the effects of the developing pandemic on younger participants (18 to 25 years, n = 391) and older participants (60 to 80 years, n = 104). Flourishing levels for older participants were significantly higher (M = 107.96) than for younger participants (M = 97.80). Younger participants scored significantly higher on the ONS4 for anxiety and lower than the older participants for happiness, life satisfaction and having a worthwhile life. Levels of psychological distress (CORE-10) were also significantly lower for older participants (M = 9.06) than for younger participants (M = 14.61). Finally, younger participants scored significantly higher on the Brief UCLA Loneliness Scale (M = 6.05) than older participants (M = 4.64). Research limitations/implications From these findings, the Covid-19 pandemic was having a significantly greater effect on younger people in England, less than one week before the UK went into “lockdown”. Scores for both the Younger and Older groups on all the study measures were worse than normative comparisons. The study had no specific measure of Covid-19 anxiety, but nor was one available at the time of the survey. Practical implications This study suggests that younger people (18 to 25) may be a more vulnerable group during the Covid-19 pandemic than many may have realized. Social implications As a recent British Psychological Society report concluded, there is a lot of untapped wisdom amongst older groups in society. Originality/value This is one of the earliest studies to look at psychological distress before England went into “lockdown.”

Financial capability requires understanding measures of consumer credit cost and using them appropriately in credit judgements and decisions. In three studies, and use of credit cost and duration information were investigated from a bounded rationality perspective. Study 1, part of a representative survey of UK adults (N = 1000), found that when presented with annual percentage rate (APR) participants significantly overestimated the total cost (TC) of a 12-month loan. In Study 2, loan duration and APR were varied in an both loan duration and APR but TC was again substantially overestimated. Study 3 was an independent groups experiment investigating the effect of APR and TC information on credit decisions (N = 241). APR often influenced decisions between loans varying in duration and monthly repayment, but this effect was moderated by TC information. It was concluded that: (1) people generally misunderstand the relation between APR and TC; and (2) although APR information can have a large effect on credit decisions, its effect is either attenuated or heuristic and a dual mental account model of instalment credit. Recommendations for improving credit information provision and financial education are offered.

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