For example, research from Scottish Widows revealed that 60% of women in the UK with dependent children have no life cover, leaving their families in a precarious situation if they were to die. Only 13% of mothers have a critical illness policy.

Women tend to underestimate their financial value to a household. They focus on replacing income, forgetting that replacing childcare would also be expensive. Mums spend almost 23 hours a week on childcare and chores such as school runs and housework – tasks which they believe their families could not afford to pay for should the worst happen to them.

Three in ten (31%) mums admit their household would be placed at financial risk if they lost their income due to unforeseen circumstances. One in four (25%) claim they could only pay their mortgage for a maximum of three months.

At the same time, advisory group LEBC argues the gender pensions gap can have long lasting consequences for women who have not planned their retirement, especially those who have taken time out of the workplace to be full-time mothers.

Kay Ingram, director of public policy at the group said: “Many women have lower pension savings than their male peers because of lower earning (the gender pay gap) and because they have taken time off work to raise a family and had to return to part -time or lower paid roles. The good news is that this gap may reduce over time, due to the requirement for all employers to enrol staff earning more than £10,000 a year into a pension scheme. Yet mothers remain more likely than fathers to take time out of their career and in consequence enjoy a less secure retirement.”

Sponsored

How life insurance can benefit your health and wellbeing over the decades

Sponsored by Post Office

She recommends mothers follow these ‘money makeover’ rules:

• Make pension contributions even if you’re not employed
• If self-employed, make pension contributions
• If employed and on a lower salary, voluntarily join your employer’s pension scheme
• Check state pension contributions are up-to-date, and when credits are due to caring roles
• Update pension benefits from previous employments.