Flying Solo: New Research By The Hartford Finds Single Workers Lack Financial Safety Net
Benefits For Tomorrow Study finds singles would be hardest hit financially by illness, injury but lag behind couples in insurance
The Hartford Benefits For Tomorrow Study found 87 percent of singles would need to make lifestyle changes to meet expenses if they lost income for three to six months, yet 44 percent of single Americans have disability insurance.
In the national poll, singles who don't have disability insurance were asked what they would do if they could not work for six weeks or more due to a disability. They said they would:
- live off of their savings — 36 percent,
- withdraw from 401(k) — 23 percent,
- use credit, either cards or bank loan — 8 percent,
- ask for a loan from a friend or family member — 5 percent, and
- move back in with family, parents, brother or sister — 4 percent.
"Because they are likely to dip into their retirement accounts, the singles without paycheck protection are not only putting their current financial situation at risk but their golden years as well," Fish said.
The annual survey found only 28 percent of Americans completely understand disability insurance. Also, 45 percent of survey participants overestimated the cost of short-term disability insurance by hundreds of dollars, and another 45 percent said they had "no idea" how much the coverage costs.
"We are dedicated to helping Americans understand their physical and financial risks and providing ways to shield their income," Fish said. "That includes a new flexible disability product this fall that offers a variety of options so that workers can personalize coverage to their needs."
During May — Disability Insurance Awareness Month — The
The Hartford Benefits For Tomorrow Study was developed by The
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1. "Going Solo: The Extraordinary Rise and Surprising Appeal of Living Alone," 2012