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Millions of women failing to safeguard futures

Millions of women failing to safeguard futures

Category: Life insurance

Updated: 12/09/2012
First Published: 12/09/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Women in the twenty-first century have more financial independence and freedom of choice than ever before, with the majority of women making the financial decisions in their households.

Despite this, new research by Scottish Provident has found that millions of women in full-time employment are failing to safeguard their futures. A shocking 84% of women do not hold a critical illness policy.

Over half stated that they simply couldn't afford protection cover, although more than two fifths of those surveyed said their attitudes to protection would change in the event of having children.

Sylvia Waycot, finance expert at Moneyfacts said: "Speaking as a woman, we know our worth which is why it is surprising that so many of us have failed to fully embrace our financial futures.

"Canny women will already have sorted out pensions, life and critical illness cover. Those who haven't will want the best price.

"Gender neutral pricing will take effect at the end of this year and it will mean that some products such as life policies for women may be more expensive, so should be purchased now, where as critical illness policies may prove slightly cheaper for women next year.

"Looking after the finances means safeguarding tomorrow as much as today, which should be no problem to women as planning is one of 'our natural skills."

The EU Gender Directive is due to be introduced on 21 December, which means men and women will, by law, have to be treated the same with regard to insurance and pension protection.

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