The report by Aegon highlights that Financial Planning for many women is poor with many uncovered by protection insurance, many lacking any kind of rainy day fund and millions concerned about their financial position or ignorant of the risks they face.

For nearly three in ten (28%) women in the UK, the inability to support themselves or their families financially is their greatest financial fear, according to the report: ‘Protection Matters: Does Women’s Financial Planning Match Their Priorities?’.

The survey draws on the opinions of more than 2,000 women and found that nearly half (46%) believe it’s solely their responsibility to make sure that their family has enough income should the unexpected happen.

Twenty nine percent of mothers rank the financial security of their children as second only to their children’s health and happiness (56%) in their priorities, while for those without children, 42% place their partner as their top priority.
Yet over half (51%) of women in the UK have no form of financial protection at all if they faced serious financial shortfall from their partners’ death or because they were unable to work due to serious illness.

Cost is seen as the main barrier to women better protecting themselves and their families, with nearly half (48%) of women thinking that protection insurance is too expensive. A fifth (20%) don’t see it as a priority and a further one in five (19%) think it’s a waste of money.

Nearly two in five (38%) women without protection say that were the worst to happen, they’d rely on their own savings if they couldn’t work for six months but 16% per cent of women don’t have any savings at all. A further 16% think their savings would only last as long as six months and just 13% believe their nest egg would support them for a year or more.

As well as turning to savings, 35% of women would rely on their partner’s income to manage financially. However, nearly half (49%) of women rely on two household incomes to meet their day-to-day costs and other essential expenses. Aegon says that if one of these incomes was reduced or lost completely it would undoubtedly lead to great pressure on the sole income in the household. Over a fifth (22%) would rely on state benefits provided by the government.

Stephen Crosbie, protection director at Aegon said: “The reality is far too many women in the UK are putting themselves and their families at unnecessary risk by not taking steps to protect themselves, despite the pressure they feel to provide for and support their children.

“Many women cite cost as the reason for not buying protection, but (with policies costing from) £7.01 a month it’s a relatively low price to pay for peace of mind. There’s a clear opportunity here for the industry and advisers alike to raise awareness among women about the value protection can provide.”

“Across the UK people insure their homes, their pets and their mobiles but overlook the vital component that funds all of their day-to-day spending – them. There’s a gap in understanding that both providers and advisers need to work together to close, to make sure that people have a lifetime of financial security and don’t get a nasty shock at the worst possible time.”

• The survey was conducted using an online interview conducted with members of the Censuswide GB panel. Total sample size was 2,051 women, with a total of 1,012 business women which was quantified as a senior manager/professional, director and business owner. Fieldwork was undertaken between 10 and 23 August 2016. The question about women’s priorities in life was re-run between 5 and 11 October 2016.