disability_planning_survey

Worker Disability Planning and Preparedness Study

A recent survey of American workers by the Council for Disability Awareness (CDA) raises the concern that most workers are not planning adequately for the possibility of becoming disabled, and underscores the need for greater public education about the likelihood of experiencing a disability, the financial consequences of disability and the resources available to workers should they become disabled.

Almost 90% of workers surveyed believe that it is important to plan for an income-limiting disability, but only half of the workers actually implemented safeguards for this possibility.

• Nearly nine in 10 workers believe people should plan in their 20s or 30s in case an income-limiting disability should occur (86%).
• Yet more than half (54%) of all workers have never discussed disability planning or how they would pay their bills if an injury or accident prevented them from earning an income.
• Only half (50%) of all workers have planned for the possibility of a disability. Young workers are far more likely to be caught unprepared; only 43% of them have determined how they would pay for their living expenses if they lost their income for several months due to an unexpected injury or illness.

The majority of workers (53%) believe their ability to earn a living is the most important contributor to their long term security, yet only 38% of workers consider protecting their earnings ability to be part of their financial planning.

• Young workers are even more likely than seasoned workers to rank their earning power as most valuable (55% vs. 48%), perhaps because they have had less time to build up their other assets.