o Nearly half (46%) of working women describe themselves as the main earners in their family
o 44% of all working women state they are responsible for making the family financial decisions and over three in five (61%) raise money discussions in the household
o Yet over two million working females have no savings accounts in place
Almost a century after women asserted their right to vote, a new report from protection specialist, Bright Grey reveals another step forward in equality by highlighting that almost half (46%) of working women currently describe themselves as the main earner in their household. But its not all good news as the Women and Protection report* also suggests that women are actually less likely than men to have financial back-up should they suddenly be unable to work.
The ‘Women and Protection’ report – which examines the financial role of women in the household today – reveals that women are not only increasing their earning power but they are also gaining a stronger financial voice in the home. Over three in five (61%) working women state they are the most likely to raise money discussions in the home, compared to a lower 57% of working men who state they would raise them.
When it comes to crunch time, working women are also just as likely to make the financial decisions in their household with nearly half (44%) of all working female surveyed stating they predominately make the financial decisions in their household – compared to just over half (53%) of working men who state they would make them. Almost three in five (59%) of married couples say they consult each other on all financial issues.
Women are the family financial hub – but fail to financially protect themselves
Multi-tasking continues to remain a skill for women – even if they are at work all the time. In fact nearly three quarters of working women (72%) say they pay the bills, compared to two thirds (66%) of working men. A similar figure (71%) of working women in the UK do general day to day household budgeting, such as sorting home insurance compared to just 59% of working men who state they are responsible for this. Half of working women (50%) say they are responsible for longer-term financial decisions such as buying life insurance or organising a will.
Yet despite females bucking the traditional trend of males being the financial decision-makers it appears they are failing to financially protect themselves as over two million** working women (16%) say they do not have a savings account. Meanwhile, over a third of working females (35%) say they do not currently have a pension in place, compared to 30% of working men.
In terms of protection insurance products, over half (53%) of working women admitted that they have no life insurance cover in place, a product that is aimed at protecting their families in the event of their death. Over four in five (84%) working women do not hold income protection products, while a similar number of working women (78%) do not hold either a critical illness policy or private medical insurance (81%).
Roger Edwards, proposition director at Bright Grey said: “As earnings levels even up and the level of financial responsibility in households is more equally divided, women could be putting themselves at risk by not protecting their income – especially if a household is dependent on their salary.
Taking online accounting classes can be a great first step in really understanding financial matters.
“Bright Grey is calling for women to have adequate financial protection in place for themselves and their families. By buying a protection product that pays out if they are unable to work due to a serious illness or disability, women can ensure they protect both their household income and current lifestyle. There are various affordable protection options in the market, and it is critical that women in the UK who are increasingly running their household finances are protected.”