"It’s no surprise that parents are concerned about the wellbeing and happiness of their loved ones."
- Mike Farrell, Protection Sales & Marketing Director at LV
Of those surveyed (4,000), 29% of adults with young children said they didn’t feel at all confident in their ability to cope financially if diagnosed with a critical illness, such as cancer. Notably, only one in five parents said they could manage for a month without income.
15% said they’d rely on loans/credit cards if unable to work for two months or more due to ill-health or injury, while 37% expressed that they’re worried about their families (and their own) financial security if this situation were to arise. The same percentage (37%) were concerned about the impact on their family’s happiness.
In the last three years, 5% of parents with young children have been injured, resulting in at least two months away from work. Furthermore, 7% had to take unpaid leave to care for their child during a period of ill-health or injury. This has led to two in three (67%) of parents worrying about the prospect of their child becoming seriously ill.
“Our latest research found that many parents are feeling unprepared if they had to take time off work for health reasons. It’s no surprise that parents are concerned about the wellbeing and happiness of their loved ones, yet some people will be unprepared for financial difficulty if they don’t have the right financial safety net in place,” explained Mike Farrell, Protection Sales & Marketing Director at LV.
