Parents across the UK are increasingly concerned about their children’s wellbeing, according to new findings from LV=, a provider of investment, protection and retirement products.
The third LV= Reaching Resilience report showed that 67% of parents are worried about their child being diagnosed with a serious illness. Concern over children’s mental health has also risen, with 68% of parents expressing worry, a 2% increase from 2023.
Financial concerns are also highlighted in the report, with 62% of working parents saying they are anxious about the financial impact on their household if they were unable to work due to illness or injury. A serious health condition could affect their ability to meet financial commitments, such as mortgage or rent payments.
Meanwhile, almost a third of working parents (31%) are not confident they could manage financially if diagnosed with a critical illness. The report indicated that working parents are more likely than workers without children to believe a major health issue or injury would significantly affect their family’s financial security (34% compared with 26%).
“Our latest findings reveal that many parents are feeling increasingly worried about their children’s physical and mental wellbeing – as well as the impact on their families and finances should they themselves be unable to work,” commented Gary Beyer, protection proposition director at LV=.
Beyer also suggested that protection products, such as critical illness coverage and income protection can provide parents with peace of mind.
“Income protection with family-focused benefits also offers invaluable reassurance to policyholders and their families,” Beyer said. “This type of policy can provide financial relief for families when a child is diagnosed with a specific illness, allowing them to take time off work to care for the child.”
Still, only 8% of UK parents said they would use self-funded insurance to cover expenses if unable to work for two months or more due to illness or injury, according to the report.
Additionally, two-thirds of single parents are concerned about the financial impact on their families if they were to become seriously ill or pass away, the report showed. Forty-three per cent (43%) of single parents do not feel financially resilient, compared to 26% of two-parent households.
