A recent study has highlighted the significant financial challenges faced by working parents when unexpected childcare needs arise.

Conducted in support of ChildShield, the UK’s only standalone child protection policy from MetLife UK, the research reveals that a quarter (25%) of working parents are concerned about the financial impact of taking time off work to care for a sick or injured child.

The study found that nearly four in five (79%) parents have faced or would face financial difficulties due to childcare demands. Specifically:

  • Savings Depletion: 25 percent of parents have had to use their savings to cover costs.
  • Borrowing Money: 11 percent have borrowed or would need to borrow money to pay bills.
  • Cutting Back on Essentials: 16 percent have had to reduce spending on food and shopping.

Financial Preparedness Gaps

The research exposes a critical lack of financial preparedness among parents:

  • Lack of Savings: Nearly half (48%) of parents do not have savings to cover unpaid time off work.
  • Part-Time and Self-Employment: Among those without savings, 55 percent are part-time workers and 44 percent are self-employed.

Difficult Choices

Parents face tough decisions when balancing work and childcare:

  • Juggling Responsibilities: 18 percent have no choice but to juggle work and caring for their child to avoid losing pay.
  • Cutting Back on Luxuries: 23 percent have had to reduce spending on non-essential items.
  • Support from Family: 13 percent have sought financial help from parents or family members.

MetLife UK’s Response

Rich Horner, Head of Individual Protection at MetLife UK, commented on the findings: “The dual pressures of parenting and professional responsibilities are exacerbated by rising living costs. When a child falls ill, the financial strain can be overwhelming, especially for those without savings or financial protection.”

To support working parents, MetLife UK offers ChildShield, a product designed to provide financial protection in case a child becomes seriously ill or has an accident. For as little as £6 per month, ChildShield covers all children in the family up to 23 years old and includes benefits such as access to a virtual GP service (GP24). This service offers unlimited consultations with UK-based remote GPs, available 24/7, 365 days a year.

Amelia Brand

Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.