"Even those who may have the average pot of around £1,500, this is unlikely to last very long should the child need extended care."
- Rich Horner, head of individual protection at MetLife UK
With half of working parents needing to take time off work or out of their business due to their child(ren) having had an accident, rising to 77% to cover sudden illness - new research from MetLife UK highlights how vital it is for working parents to have a financial safety net in place for childcare emergencies.
One in six (16%) of those with injured children had to take unpaid leave, increasing to one in four (23%) for those with poorly children.
Almost half (48%) are making positive preventative steps to help during these stressful periods by having a savings pot set aside in case they need to take unpaid time off work or away from their business.
On average, working parents have £1,540 set aside, rising to £1,787 among the self-employed and £1,734 for those on zero-hour contracts.
In the last twelve months, 40% of working parents have taken a week off work to care for themselves or their child(ren) due to an accident or illness. 13% have taken 2-3 weeks and 7% have had to take off a full month.
“While some households may be able to bankroll an “emergency pot” to lean on in case of a family accident or emergency – that’s not universal", says Rich Horner, head of individual protection at MetLife UK. "Working parents are already under immense financial strain, so for those with little option but to take unpaid or reduced pay time off work to care for their child when they’re poorly or have had an accident, there can be an immediate and acute financial burden if proper support isn’t in place."
"Even those who may have the average pot of around £1,500, this is unlikely to last very long should the child need extended care", Horner added.
