The study found that 50 per cent of working women had no form of life insurance, critical illness cover or income protection. A further 46 per cent fail to have any sort of protection, while 55 per cent have financial commitments, such as a mortgage, but no cover.
With the working age of women set to overtake that of men in 2018 making one in four women the main breadwinner by 2030, AXA managing director of protection Graham Harvey says there hasn’t been a shift in women’s attitudes towards protection.
Harvey says: “We have seen a significant shift in the role of women since the 1970s, however this shift has not been replicated in women’s attitudes towards protection cover. Unlike during the 1970’s, women becoming ill and unable to work now could have significant financial implications for the whole family. ”
The survey also found women set up 30 per cent of businesses in the UK and 25 per cent of all businesses are already run by women, yet only 18 per cent say they feel financially independent enough to cope with unemployment.
Harvey says: “The ‘noughties’ is an era in which women have greater control than ever before over their lives and their finances but they are still failing to recognise their own financial and lifestyle developments in their protection cover.”