UK employees are burying their heads in the sand

Image by davidstephenson via Flickr

UK employees are leaving themselves unprotected financially in the event that something unpredictable happens, leaving them unable to work, according to new research from Unum, one of the UK’s leading financial protection providers.

•       21% of UK workers, equivalent to 5.5 million adults, admit to having no financial back-up in place at all.
•       On average, UK workers could survive for just 4 weeks without full pay
•       25% of workers would have to rely on their partner to support them and 24% on their family
•       2 million workers currently in employment have had to take six months or more off work during their career
•       Only just over one in 10 workers has any form of financial protection cover.
•       44% say that they can rely on their own savings.

On a regional basis, Unum’s research reveals that workers living in Wales and the North East are potentially the most exposed with 32% and 24%, respectively, admitting to having no financial security net should they be unable to work. Those in the South East and Scotland seem the best prepared, with only 17% and 16% of workers living in these areas, respectively, having no back-up plan.

Of those who say that they do have a financial security net, the burden on loved ones should anything go wrong could be significant, with a quarter (25%) saying that they will have to rely on their partner and around the same proportion (24%) relying on their family for support should they be unable to work. 

For more information please visit www.unum.co.uk or www.unum4advisers.co.uk

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