How an Accident can Cause Personal Finance Issues

Accidents can change lives and can have a negative impact on just about every area. This includes financially as an accident can impact an individual’s ability to earn as well as result in a number of costs. This was outlined by the National Accident Helpline’s Make It Right campaign which looked at the effects that accidents can have on people’s lives.

 

Startling Statistics

The campaign surveyed over 1,000 people that had been involved in an accident and revealed stark statistics about the financial ramifications. 55% of respondents stated that the accident had caused a loss of income and as many as 64% losing income when it was an accident suffered in the workplace. 32% of respondents stated that the accident had an overall negative impact on their bank balance and 42% of those that had an accident at work struggled financially.

 

Financial Support

In times like these, people need financial support but the survey also suggests that many do not get the support that they need. Only 21% felt that they had sufficient financial help and as many as 20% stating that they received nothing at all. This can put a significant financial strain on households which can only make other related areas difficult, including straining relationships and making it hard to look after kids.

 

Financial Hardships

Accidents can often stop people working from a period of time which can result in a loss of income. Financial hardships put tremendous strain as it can make it difficult to make ends meet but it can also stop people from leading a happy lifestyle and enjoying hobbies. Consequently, people often have to borrow money from friends and family which is never a great idea and all of this can lead to a wide range of mental health issues.

 

Compensation

It is clear that an accident can have a significant impact on an individual’s financial situation in addition to the many other areas of life it can interfere with. This is why it is so important for those that are involved in an accident to seek compensation so that they can receive financial support to manage during this period. There are No Win No Fee solicitors which provides a safe, risk-free approach for receiving damages which can cover areas such as loss of income, loss of future earnings, pain and suffering, medical costs and various other damages.

 

Any kind of accident can have a significant impact on lives and families. In addition to the trauma, pain and suffering, an accident can also create financial difficulties through a loss of current and future earnings along with any costs incurred as a result of the injury. This is why compensation is so important whether you were involved in a car accident, workplace accident, a slip, trip or fall or any other type.

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