Women’s ‘worryingly low’ levels of financial protection

New research shows that a shocking number of women lack the crucial protection of life or critical illness cover – despite half of working age women being their family’s main breadwinner.

The research, which was carried out by the insurer Aegon, found that 51 per cent of 2,051 working women questioned were the main breadwinner in their family. Meanwhile, 46 per cent of those questioned would be solely responsible for their family’s income should a crisis occur.

But against this background, 48 per cent of working women had no protection in place and instead would resort to their partner’s income, savings or benefits in a crisis.

Stephen Crosbie, protection director at Aegon UK, told This is Money: “The level of protection among working women is worryingly low and many of these women carry the sole responsibility to financially support their family in the event of unexpected illness or in the worst case, death.

“Yet, few are taking the steps to protect themselves and their loved ones. The number of employers automatically providing this safety net is surprisingly low and it is therefore vital that women across the country double check with their employers about protection insurance in the workplace and if there is not provision, take it into their own hands.”

Link: More than half of working women are their family’s main breadwinner but have ‘worrying low’ levels of financial protection