"There’s a real opportunity with younger people and it’s up to us to work with advisers to find the best way to tap into it."
- Alan Waddington, Distribution Director at Cirencester Friendly
Of those surveyed (2,000), more than a quarter had taken over a month away from the workplace, rising to 35% amongst employees aged 55 and above. Cirencester Friendly doesn’t believe this is a problem only affecting older staff, with one in seven (14%) of those aged 34 and under having been unable to work for over a month due to ill-health & injury.
On average, of those who’d taken over a month away from work, employees spent four and a half months unable to work. 12% were away for between six and twelve months, and a quarter couldn’t work for over a year. More than one in ten (11%) of those who’d taken time off work have admitted that they may never be able to return to the workplace.
When asked if they knew someone who was currently off work due to long-term ill-health or injury, 19% said they did. This figure was considerably higher amongst those aged 55 or below (23%) compared to those over the age of 55 (16%). Cirencester Friendly suggests this reflects growing levels of ill-health across the UK, with record numbers of adults on long-term sick leave. This has risen to over 2.7mn, equating to one in thirteen of the working population.
Furthermore, the society noted that prolonged periods away from work can prompt isolation and loneliness, often impacting an individual’s health and ability to successfully return to the workplace. 31% of those who knew someone on long-term sick leave said they had less contact with that individual than before their diagnosis. Men (35%) and those under the age of 34 (36%) were most likely to lose touch with someone they knew who’d fallen ill.
Given these findings, it should perhaps be unsurprising that 57% of respondents would consider buying a product that paid an income if unable to work through accident or illness. Notably, three in four (74%) of those surveyed aged 34 or under stated that they’d be interested in buying Income Protection (IP). Only 13% of this age group said they wouldn’t consider buying it at all.
“These figures show spending a prolonged time off work due to ill-health is far from uncommon, even amongst the youngest members of the workforce. It’s startling that amongst those that have had to take time off, more than one in ten believe they will never get back to work,” said Alan Waddington, Distribution Director at Cirencester Friendly.
He believes there’s a “real opportunity with younger people and it’s up to us to work with advisers to find the best way to tap into it. If this momentum is not to be lost, we must develop new communication channels and messaging that resonates with this audience.”
