Workers in South West are poorly prepared financially for long-term absence, according to Cirencester Friendly following Censuswide survey

The UK-wide survey found levels of financial protection amongst employees in the South West have declined since 2014, with 2,000 adults from the region having taken part.

In 2014, 38 per cent of employees in the South West said their savings would last over six months in the event of being unable to work through injury or illness, this has dropped to just 29 per cent in 2016.

The survey also asked employees across the UK how many weeks of Contractual Sick Pay they had written into their employment contract.

47 per cent of employees in the South West had none at all, compared with 40 per cent in the rest of the UK.

In 2014, workers from the South West were the least likely to rely on the state for financial protection during a period of long-term illness – 43 per cent compared to a national average of 53 per cent.

Today, this figure has risen by nine per cent to 52 per cent in the South West and is now higher than the national average of 47 per cent.

Rebecca Young, head of marketing at Cirencester Friendly, said: “These findings point to a worrying decline in the health of finances for those in the South West.

“Savings are lasting less time than in 2014, and there is an increasing reliance on the state for protection.

“If you are unable to work due to illness or injury, the amount of money provided by the Government via Statutory Sick Pay is less than £90 per week.

“This has increased by only 90p in two years, and represents a significant reduction in weekly income for more than three quarters of workers from the South West.

“Whilst the vast majority will not be affected, those who do suffer the misfortune of an extended leave of absence are likely to struggle to maintain their current way of life on government support alone.

"With the cost of living set to rise, those without adequate savings or insurance could face serious financial hardship.”