Avoid financial tipping point and seek out protection insurance

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And separate analysis reveals that a significant number of workers struggle without employer support during long-term sick leave.

A survey by Scottish Widows found that 53 per cent of Scots don’t have any form of protection insurance in place. Almost two in five of Scottish adults are concerned their household would struggle if they had to take time off work suddenly.

The average financial safety cushion lasts only 93 days, while those working part-time think they could only support themselves for 64 days.

The burden of monthly bills (50 per cent), keeping a roof over their heads (35 per cent), and providing for loved ones (22 per cent) stand out as the top concerns for Scots, should they find themselves unable to work.

Scottish Widows also discovered that 25 per cent of UK workers who have had to take extended time off work due to injury or illness received no form of support from their employer. This proportion rises to a third amongst part-time workers.For the three quarters of those who received support from their employer, two in five have been offered financial help, 30 per cent emotional support, and almost a quarter have received help for their mental wellbeing.

As many as three in ten UK workers have had an extended period out of work due to illness or injury, spending an average of 13 weeks – just over three months – away from the workplace. At the start of last year, 2.8 million people were out of work with long-term sickness in the UK and the latest government figures show that 500,000 people were injured at work last year. Despite this, 45 per cent of workers don’t have protection insurance in place, rising to 54 per cent of part-time workers. The main types of cover, as well as life insurance, include critical illness and income protection, and they can all provide a financial safety net should the unexpected happen.

The research also revealed a worrying awareness gap amongst workers when it comes to protection insurance. Some 28 per cent have never thought about it, more than a quarter say they have no particular reason for not having it in place, and almost one in seven assume such cover is too expensive.

Rose St Louis, protection director at Scottish Widows, says: “At some point in our lives, it’s likely we will be impacted by illness or injury. This could pose a risk for the UK’s 30 million workers, as it may prevent them from working and earning an income.

“That’s why it’s important that employers look at the types of support and benefits they provide to their employees, be it full or part-time workers.

“Everyone deserves financial security but there’s a worrying awareness gap around protection insurance, and it’s alarming that it hasn’t even crossed the minds of so many workers.”