New research reveals financial challenges for UK working parents during child illness.
- A fifth of working parents can only sustain one week without pay if their child falls ill.
- 22% of these parents struggle with more than a week without financial support.
- 48% lack savings to cover unpaid leave for child emergencies.
- A significant percentage lack family or friends to help with childcare.
New research has highlighted significant financial challenges facing UK working parents in the event of a child’s illness. According to a study by MetLife UK, 20% of working parents can only manage one week without pay before facing serious financial difficulties. This alarming statistic underscores the precarious financial position many families find themselves in amid child-related emergencies.
The study further reveals that 22% of respondents cannot endure more than a week without financial support, with 19% able to stretch only to two or three weeks without pay. Another concerning revelation is that 9% of parents assert they cannot afford any time off work if their child becomes ill or injured. This financial vulnerability poses significant challenges for working families.
For self-employed individuals, the duration of potential financial self-sufficiency extends to just over three months, slightly more robust than their employed counterparts. However, this still reflects a troubling lack of long-term financial preparedness.
Moreover, the research indicates that 48% of all working parents have no savings earmarked for such emergencies. This lack of a financial safety net can exacerbate stress during already challenging times. This shortfall is further compounded by the fact that 28% of these parents have no backup support from family or friends.
In emergencies where no childcare support is available, 44% of working parents resort to taking unpaid leave. Simultaneously, 35% would use their holiday allowance, 29% would have to adjust their working hours, and 20% might reduce their hours and take a pay cut. Alarmingly, 7% of working parents could face having to quit their jobs entirely.
To address these gaps, MetLife UK offers ChildShield, a financial protection product aimed at mitigating income shortfalls when parents need to care for their children. Priced at £6 per month, this plan covers all children in the family up to 23 years old, including stepchildren. Additionally, families gain access to GP24, a virtual GP service providing 24/7 medical consultations.
This research underscores the urgent need for comprehensive financial planning and support systems for working parents in the UK.
