Four in 10 Britons say they have no financial security if they were to find themselves unable to work due to illness, according to research by Cigna Europe.
The survey also showed 29% of the 1,200 respondents would be unable to maintain their current standard of living and 24% would be unable to meet mortgage or housing payments if they fell ill and were unable to work.
The research also reveals just 22% of people have sufficient money for retirement, with those aged 35-49 less prepared than any other age group – with only one in five (17%) reporting enough savings for retirement plans.
The report also revealed a disconnect between the appetite for financial coaching and the number of employers where this is on offer, with with 45% of millennials looking for support and just 15% of employers offering it.
In the wake of such financial concerns and ahead of International Stress Awareness Week starting 1 November, the insurer is encouraging employers and employees to take its StressWaves test.
Arjan Toor, CEO of Cigna Europe, added: “The pandemic has significantly impacted household finances, and will do for years to come, and it’s important that employers recognise the effect this type of stressor can have on a person’s whole health.
“If an employee is feeling financial pressure, it will ultimately impact their physical and mental health, and lead to more chronic conditions.
“Employers need to provide more comprehensive wellbeing policies and holistic solutions, which include matters like the wellbeing of an individual’s family, their social wellbeing, their work wellbeing and their financial wellbeing.
“A proactive approach in coaching and support when managing these everyday stressors, could make a huge difference.”