Women still falling behind on financial protection

Despite development in women's rights and opportunities Australian women are still behind men when it comes to having life insurance, according to research conducted by life insurance group TAL.

Only 47 per cent of women surveyed owned financial protection compared to the 57 per cent of men. Women also lagged each section of life insurance coverage - life, disability, income insurance, and critical illness cover.

TAL group CEO Jim Minto said that the 37 per cent of women who sought out advice is a start in bridging the life insurance gender gap.

"However, despite the take-up of advice and some recent improvements in the gender pay gap in Australia, these cover levels are way too low," he said.

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"Life and related insurance is essential for protecting hard earned assets and safeguarding future lifestyle and family commitments — for women every bit as much as men."

International Women's Day falling on 8 March will give opportunity for this issue to be brought up, Minto said.

"That [International Women's Day] makes this the ideal time for all of us to acknowledge women's economic and social achievements and to ensure they are safeguarded with the right financial protection."

According to Marketing Mag, 69 per cent of Australian women singularly control their household finances, and were the main budget handlers in households where both men and women share financial decisions.

"Having the right protection in place for each partner in a household recognises that each member of a household plays an important role in supporting both essential daily needs and longer term aspirations," Minto said.