Half of UK women lack financial security

Jessica Nangle

March 13, 2017

Almost half of working women in the UK do not have any form of protection in place with just 10% of women automatically receiving protection through their workplace, Aegon’s Protection Matters report has found.

The report also indicated the importance of advisers when encouraging to take up protection, with 15% of working women taking out protection following recommendation by a mortgage provider or financial adviser.

Stephen Crosbie, protection director at Aegon UK, said: “While the levels of automatic protection provision are surprisingly low, this era of self-provision presents a real opportunity for advisers to engage with working women and discuss the importance of taking out a personal protection policy.

“Employers, specifically those that don’t offer automatic protection, also have a crucial role to play in ensuring that their workers’ needs are met and all employees are aware of the benefits they offer.”

Despite the statistics, 44% of women asked their current employer about its provision as a workplace benefit and nearly a third (32%) said it was a key decision-making factor according to the report.

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