Pharmacy Daily | True cost of a cold is $11k

SHORTENING the duration of a cold could save Aussies up to $11k a year, according to Australian finance expert Canna Campbell.

With the cold and flu season expected to start early this year[1], and everyday bills for Aussies continuing to rise[2], "it's not all doom and gloom for families who could save up to $11,000 per year by shortening the duration of their colds this winter," Campbell who is also founder of SugarMammaTV said.

Furthermore, the biggest financial impact of being unwell is to the Australian economy.

According to a recent report conducted by Frost & Sullivan, absenteeism and productivity costs the economy around $14.1b each year, rising to $24.2b by the end of last year.

To further understand the financial impact of getting sick, Campbell has calculated the true cost of a cold.

"Looking at what the average Australian earns, which is just over $94,000 a year and with 260 working days per year, each day from work could cost you $361.53 before tax.

"If you are a growing family, with unpaid sick leave and day-care costs, those two to five colds per year can cost you up to $737.53 each day.

"If you need three days to recover, this escalates to $2,212.59 per cold, which could cost up to $11,000 per year!" Campbell said.

For Australians that don't work in a traditional corporate setting with benefits such as sick leave, the ramifications of a cold can be even more significant.

Jobs such as trades, contractors, freelancers, and business owners don't have the same protections or flexibility that other employees may have, the Fair Work Ombudsman has reported.

As a result, they are more likely to suffer from lost wages.

PharmaCare Laboratories who distribute brands Sambucol and EASEaCOLD said it understands the physical impact that having a cold can have and that its products shorten and relieve common cold and flu symptoms.

"These products reduce the severity of cold and flu symptoms and is clinically proven to shorten the duration of a cold by up to three days, this reduction in time off work offers a potential saving of approximately $2,212.59," Campbell said.

"With cost of living rising in Australia it's more important than ever for Aussies to save their pennies and reduce household costs.

"One unpaid day of sick leave might not seem too problematic, however costs can quickly add up and further impact already stressed families," Campbell concluded.