NEWS
Travel Weekly is extending its personal and business information content by teaming up with financial advisor David Croft for a regular column offering answers to readers’ questions about personal finance. In this column, David, who previously worked in travel, looks at support offered for workers who are ill or injured.
'DYLG &URƏW FINANCIAL ADVISOR
It’s worth knowing what support you’d get if your income stopped
Most people can tell you roughly what they earn each month. Fewer know exactly what they’d be entitled to if illness or injury meant they couldn’t work for a period. It’s a question often avoided, but one useful to know the answer to – your mortgage, bills and food costs will all continue even if your salary reduces. For people working in travel, the answer
may not be straightforward. Income can include commission or bonuses; employment benefits vary between companies; and many people move between employed and self-employed roles. The first step is to understand
what support you already have. Some employers provide full salary for a set period, followed by reduced pay; others offer less, meaning employees may rely on Statutory Sick Pay (SSP) sooner than expected. For 2026-27, SSP is £123.25 per week (or 80% of average earnings if lower), for a maximum of 28 weeks. It’s unlikely to compare favourably with your usual income, but it’s handy to know.
transport and debt repayments – then divide your accessible savings by that figure. For example, £12,000 of savings against essential spending of £2,000 a month provides roughly six months of breathing space. Align this with when your employer’s full sick pay would reduce or end. A partner’s earnings can help, though relying
on one income can place pressure on a household. For someone self-employed or running a small business, this matters even more – there may be no employer sick pay at all, and the business may depend on that person remaining able to work.
FINANCE Q&A
Existing contract benefits There may also be longer-term benefits, such as group income protection, continuing part of an employee’s pay if they remain unable to work. These are often overlooked – check your contract or speak to HR rather than relying on assumptions. Find out how long you’d receive full salary, when it would reduce, whether income protection is included, and whether commission or bonuses would count. Benefits are attached to the job, not the individual – change employer or become self-employed, and that support may disappear. Next, calculate your essential monthly spending – housing, utility bills, food, insurance, childcare,
Q Emily Man Wealth Management is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website:
sjp.co.uk/products
12 3 SEPTEMBER 2026
Income protection The purpose of this exercise isn’t to convince you every risk needs insuring – it’s to identify any issues while you still have options. You may find your savings and benefits provide enough support, or that time away from work would eat into money intended for other priorities. Income protection is one way of
addressing this. It’s an insurance designed to replace part of your income if illness or injury leaves you unable to work, usually after an agreed waiting period. The answer isn’t automatically to insure every pound of earnings – cover, waiting period and payment term should reflect what you already have and where extra help would become valuable. Three useful actions can be completed today:
check your sick-pay entitlement, calculate your monthly expenditure and establish how long your accessible savings would last. You may discover you’re better protected than you thought or spot something worth a closer look. Over the coming
months, I will explore ways to protect your income. O Please note that protection plans do not acquire a cash value. The cover provided will cease if premiums are stopped.
Q ASK DAVID A QUESTION Q
David is a UK-based financial advisor with Emily Man Wealth Management, specialising in helping people in the travel industry take control of their money. After a 15-year career in travel, he retrained as an advisor and now focuses on clear, jargon-free financial planning for individuals and teams. If you have any questions relating to tax, long-term financial wellbeing, retirement or other financial matters that you would like answered, email
robin.murray@
travelweekly.co.uk with the subject: Question for David.
travelweekly.co.uk
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68
