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Mothers Lack Financial Protection

(Last Updated On: September 19, 2018)

Many mothers in the UK are failing to protect themselves financially, according to research published ahead of Mother’s Day on 11 March 2018.

Scottish Widows surveyed 5,077 adults, and revealed that 3 in 5 women with dependent children have no life cover, and only 13% have a critical illness policy.

Almost a quarter (24%) of mums say they have not taken out life insurance because they don’t consider it a financial priority or don’t think they need it.

However, 61% say their family would struggle to complete everyday responsibilities or pay household bills if they were to fall ill or pass away.

When asked what they would do if they or their partner were not able to work for 6 months, 29% said they would have to rely on state benefits.

More than half (57%) don’t have a will or guardianship arrangement in place for their families.

Johnny Timpson, protection specialist at Scottish Widows, said:

“It’s just as important for full-time mums to be insured, and just because someone doesn’t earn a salary doesn’t mean their contribution in the home shouldn’t be protected as it could be very costly to replace.

“The value of protection is to provide long-term peace of mind about having financial security in place for your dependents.”

For any help or advice with financial planning talk to RPD

 

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