they wouldn’t be able to last three months without an income without borrowing money3. A prolonged period of sick leave will not only affect these people financially in the short-term as they try to find money for day-to-day bills, but the knock-on effects can also last for years. SSP is the largest employment issue that people come to the Citizen’s Advice bureau for help with. Nearly 50 people a day contacted them about it in 2023/24, looking for advice on how to manage financial issues and where to turn to for support to maintain the basics of daily life4. These inquiries are likely to be the tip of the iceberg, with many more people trying to cope on a reduced income. Falling into debt doesn’t just affect people financially. It can affect them mentally, physically and emotionally. A study from the Royal College of Psychiatrists found that half of all adults with a debt problem also live with mental health issues5. Being in debt is associated with shame and guilt and is one of the main reasons people don’t ask for help at the first sign of a problem. Too often this approach leads to the debt spiralling out of control and becoming a real crisis that takes much longer to recover from. It can damage their credit rating, which can seriously limit their future financial options. Income protection has the power to help people, not just during a moment of crisis but also to shield them from the long-term impact of debt, which can be so harmful to their health and their happiness. Covering the essentials really can change lives. 1 In sickness and in health: Why Statutory Sick Pay needs further reform - Citizens Advice 2 UK self-employment figures 2024 | Statista 3 UK Savings Statistics 2024 - Saving Facts and Stats Report | money.co.uk 4 In sickness and in health: Why Statutory Sick Pay needs further reform - Citizens Advice 5 Debt and mental health | Mental Health Foundation 09 SPRING PROTECT NEWSLETTER
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