Two-thirds (65%) of single mums have no protection insurance at all, even though women run a greater risk of financial insecurity than men, according to exclusive research from Scottish Widows shared with Health & Protection.
As another International Women’s Day is marked tomorrow (8 March), Scottish Widows told Health & Protection that according to its research 34% of women had at least one type of financial protection in place.
But that compared to 42% of men, a difference of eight percentage points.
The research was carried out by YouGov in January 2025, with a total sample size of 2110 adults in the UK.
The research said that 61% of women under-55 have no protection in place vs 56% of men – a difference of five percentage points.
This lack of cover is despite the fact that women were more likely than men to lack the savings to cope with a financial emergency.
Scottish Widows said that a quarter of women (24%) did not have enough savings to cope with a financial emergency. That compares to a rate of one in five (22%) for the wider population or both men and women.
Reasons for having no protection
But a majority of women – 61% – said they were concerned about loss of income due to illness or injury.
A total of 35% of women said they could not afford to support themselves or their household beyond three months and one in 10 (9%) would not be able to support themselves or their household at all.
The Scottish Widows research showed that there were several reasons why people may not have protection.
Top of the list was that 32% of women do not see income protection as a current priority.
But the second reason was that 19% of people did not see the value – an issue that Scottish Widows noted that advisers could help with.
Next was that 14% did not understand the product.
Another 12% feel they did not have enough knowledge to get the right policy.
And 9% did not know how to set up a policy, while lastly 8% thought it was too complicated to arrange.
As for the reason why some women have protection, a total of 66% of women who had at least one type of protection took it out as they were worried about financial security.
Women at risk
Rose St Louis, protection director at Scottish Widows (pictured) told Health & Protection: “Our research shows that women are less likely to have a financial safety net in place, leaving them at risk should something unexpected happen.
“Only a third of them have at least one type of protection cover in place compared to over two in five men, and almost two thirds of single mums have no cover at all.
“This insight tells me that we need to work harder to help close the gap and make sure we protect women against life’s unexpected twists and turns.
“Advisers and providers must join efforts in raising awareness of why financial protection is essential, how different types of polices work and showcase real stories to highlight their value.
“Making use of all channels available to us, both online and offline, let’s start those conversations and empower women to make financial decisions with knowledge and confidence, including how to protect themselves and their families in case of the unexpected.”