The Chartered Insurance Institute has launched an interactive guide for women to take control of their financial futures and increase their financial security.
The guide is based on the findings of a survey conducted by the CII’s Insuring Women’s Futures programme, in collaboration with PwC.
Few women felt either positive (21 per cent) or “on top of things” (30 per cent), when it comes to personal finance matters. Twenty-seven per cent of women, on the other hand, felt worried when thinking about managing personal finance, with 11 per cent feeling intimidated.
The poll’s results also showed low levels of women actively engaging with financial services, as 72 per cent of women have never set up a private pension. For stocks and shares Isas this rises to 79 per cent, and 57 per cent have never consulted a financial adviser.
Around third (32 per cent) of the surveyed women said they enjoy managing finances. Thirty-five per cent said talking about investments, insurance and pensions leaves them feeling cold.
Insuring Women’s Futures’ body of research has led to its “6 Moments that Matter – how to secure your financial future” leaflet, which identifies “12 Perils and Pitfalls” that culminate in a lack of financial security throughout the lives of women in Britain.
The leaflet was first published in February last year and is now available in interactive digital format for women and girls, who can then input her own circumstances and plan the financial future they want for themselves.
Insuring Women’s Futures co-founder and PwC partner Jane Portas, author of “Securing the financial future of the next generation – the Moments that Matter in the lives of young British women”, says: “[The research] is a call to action for every woman and girl to take steps to secure her financial future – and to be empowered to do so by all of the people in their lives.
“Insurance and financial services firms, wider business, policy makers, society and women themselves all have a vital role to play. Today, Insuring Women’s Futures is inviting everyone to help improve women’s financial resilience.”
CII chief executive and Insuring Women’s Futures chair Sian Fisher says: “If we improve financial resilience for women, we improve financial security for all. We can’t change this overnight, and it will take a concerted effort to address the root causes. We’re on a journey.
“And we can all do something right now. I encourage everyone to a look at our financial guide which will help you think about your financial future and take action via the tools and support we’ve signposted on our website.”