"When children suffer something serious, we want parents to focus on being there in the moment your child needs you – not worrying about the financial impact"
- Rich Horner, Head of Individual Protection at MetLife UK
With the school summer holidays just getting started, many parents will be thinking of what to do to keep their children entertained over the summer months. Whether it’s taking time off work to spend time with them or getting them involved in summer activities, it’s important to remember that accidents can happen; and even more so at this time of year.
The latest research from protection and employee benefits provider, MetLife, found that half of working parents have had to take time off work to care for a child who has had an accident, resulting in them either having to take a combination of annual leave, reduced pay, or worst of all, unpaid time off work.
Coupled with additional expenses to factor in, such as hospital visits, extra medical costs, as well as everyday costs, this could create further financial concern.
MetLife UK found that 14% have used annual leave to care for their child if they had an accident, 16% have taken unpaid leave, and 3% have used a combination of annual leave and unpaid time off.
The research also highlighted that 49% of working parents feel 'concerned' over having to tell their employer that they need time off work to care for their child.
Worryingly, 48% of working parents say they do not have a savings pot set aside if this were to happen.
Rich Horner, Head of Individual Protection at MetLife UK, comments: “Schools out for summer and that can only mean one thing, our children want and need to be entertained. Whether you’re taking them out, attending clubs or simply enjoying time with family or their friends, it’s prime time for a potential accident.
"And as parents, whilst we naturally worry about our children the reality is that despite best efforts, accidents and illnesses do happen. And when children suffer something serious, we want parents to focus on being there in the moment their child needs them – not worrying about the financial impact.
“Yet, a huge number of parents aren’t aware that products such as ChildShield exist, and while it’s encouraging that many protect themselves, they still don’t cover their children and protect their family finances in the event of not being able to work because of accidents or serious illness.
"We want summer to be memorable, not medical, we want parents to say ‘yes’ to their children doing the things they want and love this summer – and while we can’t prevent illness and accidents from happening, we can help parents head into summer without the additional worry about finances should the “what ifs” happens.”
