Many of us take financial stability for granted until it’s too late. Did you know that in 2023-2024, HSE found that 33.7 million working days were lost to work-related injuries alone? Injury impacts more than just your health and emotions; it puts you at financial risk.
Everyone should understand how to support themselves after an accident. Some employees might be entitled to Statutory Sick Pay. However, at just £118.75 per week for approximately 6 months, it likely won’t provide a strong enough safety net. Here’s what to know.
Statutory Sick Pay
Statutory Sick Pay might not be enough to cover the average mortgage, which is officially more expensive than renting. However, it’s better than nothing. There are some basic requirements to qualify for that £118.75 per week. You must:
- Be employed and earn a minimum of £125 per week
- Have been ill for longer than three consecutive days
- Not receiving Statutory Maternity Pay
- Not have exceeded the 28 weeks of pay
It’s worthwhile reviewing your employment contract, too. Some workplaces offer specific sick pay policies, which could entitle you to more.
Employment and Support Allowance
Employment and Support Allowance (ESA) is a potential option for anyone self-employed or unable to claim SSP. This entitles you to a three-month assessment rate of £72.90 or £92.05 per week (depending on whether you’re under or over 25). Applicants are then shifted into two groups:
- £92.05 per week for those who will eventually re-enter the workforce
- £140.55 per week for the support group who won’t (e.g. nearing end of life)
Personal injury claims
If your injury was caused by negligence or a road traffic accident that wasn’t your fault, it’s worth considering legal avenues. Compensation alleviates the stress of financially supporting yourself after an accident — many even offer no-win, no-fee services.
Whether it’s a workplace claim or support after a bus accident, there is a professional that can help. Document the incident, gather evidence, and speak to a specialist lawyer.
Figure out your budget
The last thing on your mind will be budgeting. But after a traumatic incident, it’s important to be aware of the drop in income and plan how you’ll navigate this. A budget planner is a handy tool for breaking down monthly expenses. Utilise a planner to establish exactly what’s left over after major bills.
Supporting yourself financially after an incident doesn’t need to be overwhelming. Plan ahead where possible; otherwise, use these solutions to create stability while recovering.
