Many employees will be unable to pay their household bills for more than six to eight weeks if they suffer ill health, with those with caring responsibilities the most vulnerable, according to a new report.
The report, from health and wellbeing provider BHSF, titled ‘A high wire with no safety net’, is based on a survey of 1,000 employees.
The 30-44 age group was found to be the least resilient when it came to financial problems and more than average unsecured debt, with their debt levels rising over the last five years.
The report shows 37 percent say they could not pay their bills in the event of ill health and 28 percent say that they would resort to using credit cards for unexpected bills.
BHSF says two thirds of the entire UK workforce have no sick pay provision beyond the statutory minimum of £89.35 per week.
BHSF says employees are overly-optimistic about their ability to withstand financial shock, with many believing they could last for up to six months. Half admitted that they have lost sleep due to financial worries, and a third admitted that financial stress is impacting their job performance. Some 13 percent say financial stress is a constant problem.