40% of women workers are now the sole earners in their households, according to research by Aegon.
14.53 million women were in work in 2015 according to the Office for National Statistics, the highest level since records began in 1971.
- 56% who work in senior manager roles provide the main source of income for their family
- 61% in director roles provide the main source of income for their family
- 36% who own a business are the breadwinners for their household.
The report also finds 43% of female sole earners have no financial protection in place.
Linking between income and security, 81% of women in senior manager roles have some form of protection policy, while 79% in director roles have protection to cover their families and businesses.
51% in junior manager roles, 46% in clerical roles and 35% of those in manual roles have protection.
62% of households rely on one source of income to meet day-to-day living costs.
Stephen Crosbie, protection director, Aegon UK said:
“Purchasing protection and providing a financial lifeline for themselves, their businesses and their families in the event of the unexpected happening can take the pressure off the 4 million breadwinners who feel it’s solely their responsibility to make sure that their family has enough income in these difficult and sometimes devastating circumstances.”
For any help or advice with financial planning talk to RPD