"The financial impact can be significant, especially for those without savings or any financial protection to fall back on, should they have to take unpaid leave."
- Rich Horner, Head of Individual Protection at MetLife UK
Of those surveyed (3,003), 79% of working parents – with at least one child aged 22 and under – have or would be impacted financially if they were forced to take time off work to care for their unwell child(ren).
When discussing how they have or would be impacted if forced to take time off work to care for their child(ren), 25% said they had/would have to use their savings, followed by cut back on luxuries (23%), no choice but to juggle work and caregiving to avoid not being paid (18%), cut back on food/shopping (16%), ask parents/family for financial support (13%), and ask their partner to take on extra work (12%).
Meanwhile, 11% had/would borrow money to make ends meet or cut back on household subscriptions, followed by cancel children’s extracurricular activities & clubs (8%), cancel other support such as childcare, cleaner or gardener (8%), take out a loan (6%), cancel financial products (6%), and miss a mortgage/rent payment (5%).
MetLife is concerned this exposes a critical gap in financial preparedness, with nearly half (48%) admitting they lack savings and don’t have a pot set aside in case they need to take time off work to care for their unwell child(ren). Of those parents without savings, 55% work part-time and 44% are self-employed.
“Facing the dual pressures of parenting and professional responsibilities is a reality for many in today’s workforce, not to mention the rising cost of living which is especially heavy on those with families,” explained Rich Horner, Head of Individual Protection at MetLife UK.
He said: “When you have a poorly child that requires you to take time off work or out of your own business, things become more challenging. The financial impact can be significant, especially for those without savings or any financial protection to fall back on, should they have to take unpaid leave.
“We understand the immense pressures that parents face. That’s why we offer ChildShield, to alleviate some of these stresses by providing financial protection and peace of mind should they have an accident, have to spend time in hospital, or have certain serious conditions,” Rich concluded.
