A report by Mintel has shown that the majority of employees are financially unprepared to cope with a sustained period of time off work due to ill health.
Of those interviewed, 40% stated they would rely on savings if they had time off work. However 45% have £2,000 or less in savings, 22% had no savings and 10% had less than £500.
Stephanie Absolom of Mintel said “30% believe that they would rely on the state for financial support if the main income earner in their home was unable to work as a result of an accident or illness. The recent upheaval in the welfare system may encourage consumers to reassess the extent to which they can rely on the state. It may also force some to take greater personal financial responsibility.”