You are here: Home - Insurance - News -

Women take financial control of the household – but fail to safeguard their futures

Written by:
Women are increasingly holding the purse strings in the household, but are still failing to protect themselves financially should they get ill.

According to insurers Scottish Provident, almost three in five women in full time employment predominately make the financial decisions in their household, compared to 47% in 2011. 

But the study also shows that 84% of women in full time employment do not have a critical illness policy in place, with the 57% citing expense as the reason they cannot justify taking out this cover.

The cost of protection for women is also likely to rise when the EU gender directive comes into force on December 21st.

Jennifer Gilchrist, senior product development manager at Scottish Provident, said: “It is a cause for concern that women who work are not recognising the importance of protection, potentially leaving themselves and their families open to financial hardship if they should become seriously ill, lose their jobs or die.

“Despite becoming ever more responsible for financial decisions, women are not making appropriate choices to safeguard their futures.”

Over two fifths of female employees said they would take out a protection policy if they had children, a huge rise on just a quarter who said they would in 2011.

A further 28% said someone close to them getting a serious illness would make them consider purchasing critical illness cover, while over a fifth cite getting married as something that would motivate them to do so.

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
6m will go without heating this winter

Households are being urged to check whether or not they are eligible for help with their energy bills.