Money Wellness
worried man on yellow sofa
category iconcost of living
calendar icon05 Apr 2024

37% of parents worried about their financial security if they were to experience major health issues or injury

LV=’s Reaching Resilience report, surveyed 4,000 people, found 37% of adults are worried about their own and their families’ financial security if they were to experience a major health problem or injury.

Mike Farrell, protection sales and marketing director at LV=, said: “Our latest Reaching Resilience research found that many parents are feeling unprepared if they had to take time off work for health reasons.

“It is no surprise that parents are concerned about the wellbeing and happiness of their loved ones, yet some people will be unprepared for financial difficulty if they do not have the right financial safety net in place .Conditions such as cancer, heart attack or a stroke can have a devastating financial and emotional impact on families.

 29% of parents with young children say they don't feel confident in their ability to financially cope if they were diagnosed with a critical illness, while a third of workers said their family’s financial security would be “largely impacted” if they were injured or had a major health problem.

One in five families said they would last less than one month without their income, and 15% would rely on loans or credit cards if  they were unable to work for two months or more due to illness or injury.

The report said that the average working adult supports three people with their income, including themselves, with 10% saying that they have five or more people reliant on their income.

This comes as the Work and Pensions Committee said statutory sick pay (SSP) should be extended so all employees are eligible, not just those earning above the lower earnings limit which is £123 per week since April 2022.

It’s also been found that sick leave lasting four or more weeks are having a serious impact on the nation’s personal finances. This type of sick leave makes up for 20% of total sickness workplace leave in the UK.

 Financial help if you’re on sick leave

If you’re currently on a longer term of sick leave, there may be some financial help available. Firstly, check if you’re eligible for Statutory Sick Pay.

Your employer may also offer other forms of sick pay- it’s best to check with them.

Statutory sick pay usually lasts for 28 weeks, and is paid at a rate of £109.40 a week.

If you’re eligible for sick pay but haven’t been paid anything from your employer, make sure you ask them to.

If you're self employed and temporarily unable to work due to illness, check if you have made enough national insurance contributions to qualify for New Style Employment and Support Allowance (ESA).

If your employer refuses to pay you

Contact the HMRC Statutory Payment Dispute Team.

If your Statutory Sick Pay has run out, you might be able to claim certain benefits.

There might also be some help available in the way of grants. Check if you’re eligible.

Check what benefits you’re eligible for.

Debt help

Our free debt advice is available to people all over the UK, online or over the phone. We’ll go through your finances in detail and explain your options. 

 

Avatar of Lydia Bell-Jones

Lydia Bell-Jones

With a background in banking, Lydia has been writing professionally for over five years. She is passionate about helping people improve their personal finances and has a particular interest in the connection between money and mental health.

Related posts

cost of living

30 May 2024

Ending schools’ free period product scheme will hurt girls from the poorest families

One in seven girls struggles to afford pads or tampons and one in two have missed school because of their period. We’re calling on the UK government to extend its free period product scheme past July 2024 so that affording menstrual care is never a barrier to education.

cost of living

28 May 2024

Could the Bank of England follow Europe’s lead on interest rates?

Find out how interest rate cuts in Europe affect your money

cost of living

23 May 2024

More Brits paying for private hospital care as NHS struggles

Long NHS waiting list mean more and more people are funding their own treatment. Find out what help is available

cost of living

22 May 2024

Households face water bills rising by up to 91%

New figures reveal that households face water bill rises of between 24% to 91% over the next five years. Find out what it means for you and how to reduce bills