Breadwinner women 'shunning protection'
Women continue to shun the opportunity to protect their rising wealth, suggests new research from AXA.
The insurer's survey of 4,000 women found that just over at third (38%) had life insurance and only one in five (18%) critical illness cover.
The research is particularly significant given the extent to which British households are increasingly reliant on women's earnings. Research commissioned by the government and published this year suggests that 44% of women now earn at least as the same amount as their husbands and partners, while 19% actually earn more than them.
According to AXA's research, 27% of women with dependent children claim to have sole responsibility for paying the family mortgage. This rises to 36% for women with no financially dependent children. However, over a third (37%) said they "don't need" cover.
"The role of the financial adviser is instrumental in trying to reduce the number of women without protection and I urge advisers to re-visit their client base to ensure women are protected in line with their increased financial independence and value in the home," said Jamie McIver, director of protection sales at AXA.
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