Women earners are failing to insure themselves properly

Women are increasing their earning power but less likely than men to have financial protection should they suddenly be unable to work, according to new research.

The Women and Protection report released by Bright Grey found that women were taking more control of household finances but neglecting to protect themselves.

It found over half (53%) of working women admitted that they have no life insurance cover in place, while four in five do not hold income protection (84%), critical illness (78%) or private medical insurance (81%).

This exposure is further exaggerated by figures showing that over 16% (equating to more than two million women nationally) who say they do not have a savings account.

And over a third of working females (35%) say they do not currently have a pension in place, compared to 30% of working men.

The increasing role of women in family financial matters is illustrated by a near parity with men in making decisions.

Nearly half (44%) of all working females surveyed stated they predominately made the financial decisions in their household - compared to just over half (53%) of working men. Almost three in five (59%) of married couples say they consult each other on all financial issues.

One major insurer believes women could be putting themselves and their families at risk by not protecting their income, especially if a household is dependent on their salary.

"We are 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,".

The provider surveyed 2,010 UK adults for its report.