Mothers have inadequate savings and income protection - Aegon

One-in-six have no savings

Victoria McKeever
clock • 2 min read

Mothers might expect to do well on the card and flower front this Sunday but research undertaken by Aegon suggests when it comes to savings, income protection and relying on their partner's income, they fare poorly.

The provider said the findings presented an "alarming picture" with two-fifths (43%) of the 2,051 mothers surveyed found to have no income protection in place should they be unable to work. Meanwhile three-fifths (63%) had never spoken to an adviser about income protection. The findings come despite the fact half (52%) of UK households rely on two incomes to meet day-to-day expenses and two-fifths (40%) of mothers are the main family breadwinner. In the event of being unable to work for six months or more, two-fifths (40%) said they would rely on their savings, while one-in-six (15%) ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Is price really still king? Why the protection market needs to evolve

Is price really still king? Why the protection market needs to evolve

Data and process improvement will be 'battlegrounds of tomorrow'

Paul Yates
clock 18 March 2024 • 3 min read
Protection sales down 102,000 in 2023; adviser focus labelled 'crucial'

Protection sales down 102,000 in 2023; adviser focus labelled 'crucial'

'Income protection products are more important than ever'

Cameron Roberts
clock 26 February 2024 • 1 min read
'What if': Why business protection advice is so important

'What if': Why business protection advice is so important

'Advisers need to support their business owner clients'

Naomi Greatorex
clock 08 February 2024 • 4 min read