A recent report from BHSF investigated employee finances and sick pay. It shows that UK employees are at risk of a severe financial shock in the event of ill-health. Furthermore many employees are unable to pay their household bills for more than six to eight weeks.
coping financially in the event of ill health
- 30% of employees do not know how long employers will continue to pay them in the event of sickness.
- 37% of employees have no adequate financial provision if they stop receiving their salary
- If their salary was lost employees believe they could cover their outgoings for an average of 5.7 months
- 13% of employees didn’t know how long they could cope without their salary
- 28% of employees would use credit cards would be used to finance ‘unexpected’ bills
- 36% of employees have an employer-organised scheme for sick pay insurance.
Stress caused by employee finances
- 72% of employees are worried either all or part of the time, about their own financial security in the event of ill-health.
- 33% of employees said financial worries continually or on occasion have affected their performance at work.
- 13% of employees say financial stress is a constant problem.