In our recent podcast episode, we tackle the pressing issue of the gender gap in income protection, shedding light on why women remain underserved in this vital aspect of financial security. With insightful discussions from industry experts Rose St Louis of Scottish Widows and Joanna Streams of Velvet Mortgages, we delved into the research revealing how women are drastically underinsured when compared to their male counterparts.
Despite an increase of 13% in women buying income protection since 2017, a substantial gap persists, demonstrating a crucial need for tailored offerings that cater specifically to women. One of the most significant findings from our research indicates that a staggering 63% of women fear losing their income due to illness or injury, yet only 7% actually have income protection in place.
The podcast advocates for ongoing education and training for financial advisers, emphasising the need for industry-wide collaboration to create meaningful solutions that address the unique challenges women face in the workforce. Product design should also evolve, taking into account career breaks, part-time roles, and flexible necessities that appeal to women’s lifestyles and professional landscapes.
