A majority of single Americans would suffer a financial hardship if they were forced to stop working for six weeks or more, The Hartford announced on Monday.
The report, The Hartford Benefits For Tomorrow Study, found 87% of single workers would have to make lifestyle changes to cover their expenses if they had to stop working for three to six months. Just 44% of single workers have disability insurance.
More than a third of single workers said they would live off their savings if they couldn’t work for six weeks or more, 23% said they would withdraw from their 401(k).
Mike Fish, vice president of voluntary benefits for The Hartford, noted those plans could put single workers’ retirement at risk.
“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 in a statement.