Some women are leaving their families in potentially uncertain positions financially because of their lack of financial protection, new research has shown.
According to the survey from Scottish Widows, more than three-quarters (76%) of women say their families would struggle to cope with everyday chores and household expenses if they fell ill or passed away.
In fact, these women indicated that their families could only pay the household bills for seven months if they were to become seriously ill or pass away.
However, despite this stark revelation, just 31% of women have life insurance in place and only 7% have critical illness (CI) cover – revealing that a worrying coverage gap exists.
When quizzed about their reasons for not having suitable coverage, more than a third (34%) said that it wasn’t a financial priority or they didn’t think they needed it. Staggeringly, one in 10 (9%) women without cover said they’d rather take the risk of not having it than take out a policy.
The research suggests that many women underestimate the value of their role in the household.
Majority of women not saving for the long term
For example, in addition to their day jobs, women spend at least 23 hours a week on childcare and chores, such as school runs and housework. However, should the worst happen to them, these women say their families could not afford to pay for such tasks.
When asked how they would survive financially should they or their partners become unable to work for six months, 25% of respondents said they’d rely on state benefits. More than half (54%) don’t have a will or guardianship arrangement in place to protect their families should anything happen to them.
For the survey, the women were also asked about their savings. Over two-thirds (68%) said they were not saving for the long-term. This is because they either cannot afford to or because they have other things they need to spend their money on.
Interestingly, women are less optimistic than men when it comes to surviving on just one partner’s income. Just over half of the women surveyed (51%) think their household could survive on one income if they or their partner died, compared to 65% of men.
Speaking about the findings of the research, Jackie Leiper, protection director at Scottish Widows, said: “One of the most important things a woman can give her family is security, but financial protection is still too far down the priority list because women simply don’t recognise their own value”.
There really is no excuse for not having suitable protection for your family in place. There are lots of different life insurance, income protection and critical illness policies available in the market today, each with varying levels of cover and price tags. People, especially women, should be protecting the hidden salary and costs that are associated with running a household.
We can help you find a policy that suits both your needs and your budget.
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