Unexpected everyday accidents, such as trips, falls, or food poisoning, could cost UK adults more than £800 if they needed to take time off work to recover, according to MetLife UK’s Everyday Risk Report.
The Everyday Risk Report explores the scale of risk individuals face in their everyday lives. A comprehensive analysis of multiple data sources found that 1.3 million hospital admissions between 2022 and 2023 were due to everyday accidents, such as falls, trips, bumps, poisoning, transport accidents, or from animal or plant related incidents.
Of these hospital visits, 76% of these led to hospital admission for further treatment, lost work days, or the need to fund the change in circumstances that follow.
Whether having to take time off work or spending time in hospital to recover, it can have financial and emotional implications. MetLife, the protection and employee benefits provider, also asked consumers what savings they have had to use, or would have to use, to support them if they needed to take time off work to recover if they were unwell or had an accident. Of those who have been hospitalised due to an injury from an accident, they needed an average of £833 to cover them financially. However, for one in six (16%) they needed more than £1,000 to make ends meet, and almost one in ten (9%) needed more than £2,000.
The research also found that on average, UK adults have had to stay in hospital for 4.7 days because of falls, trips and bumps – nearly a full working week. 29% of those who have sustained an injury have needed to stay in hospital more than once.
To provide a 360 overview of the protection market, further research amongst advisers found that one in five (25%) say their clients are interested in hospitalisation cover when thinking about everyday accidents and illnesses. Concerningly though, 35% say their clients are only interested in financial protection when it’s too late and they need to claim, meaning clients could be putting themselves at financial risk.
Rich Horner, Head of Individual Protection at MetLife commented: “Everyday accidents happen, and the report makes it clear how often they result in hospitalisation. While recovery should be the first and most important thing people should be concerned about, there may be additional and unintended financial implications that come from that same accident. That could include having to take time off work, attend additional appointments, or fund additional hospital costs such as parking fees or buying food.
Ultimately, ensuring you have the appropriate medical care and recovery time in place is the most important concern to avoid any recurring issues. But with adults saying they may need more than a thousand pounds to support them in their recovery, it’s also vital that people have the right protection in place too. At MetLife, we understand the importance of this and want everyone to be living their best lives possible, saying yes to the everyday without financial concerns looming over them too.”