A new report from the CII's Insuring Women's Futures programme shines a light on the greater exposure to risk suffered by women. Michelle Worvell reports
The CII-led Insuring Women's Futures programme (IWF) has launched a major piece of research into risk exposure and the financial resilience of British society. It concludes that women have less financial resilience to bounce back from financial shocks and are more likely to be trapped in poverty in later life than men.
The report is part of the CII's public trust agenda, highlighting the opportunity that, as a profession, it has to do more to address the needs of the whole of society.
Following the report's publication, IWF will establish a market taskforce bringing together experts from across all markets to develop solutions, including products, education, awareness, engagement and access.
Jane Portas, IWF committee lead on the 'Risks in Life' report and a PwC partner says: "This study presents a snapshot of the risks faced by women and girls in Britain today. It shows us that while women are increasingly better educated, they earn less, feel less financially secure, provide the bulk of unpaid care, have smaller pensions, face greater hardship in life and struggle to pay for their own care. But it's not just about women and girls, the study shines a spotlight on wider society and men's and boys' risk exposure too.
"I encourage men and women, both in the insurance and financial planning professions, [as well as] other bodies and society at large, to study these findings and play a role in shaping our approach to risk in the future."
Huw Evans, director general of the Association of British Insurers commented: "This report is genuinely shocking in highlighting the significantly greater risks women face than their male counterparts in our modern world.
"This should be a call to action for Government and the financial services sector alike to find meaningful and lasting solutions to the challenges women still face."
To read the full report visit: www.cii.co.uk/risksinlife
THIS IS NOT JUST A 'WOMEN'S ISSUE', IT IS A WIDER RISK FOR SOCIETY BECAUSE IF WE DON'T ADDRESS IT NOW, WE WILL FACE A HUGE BURDEN OF CARE THAT WE WILL NOT BE ABLE TO SUSTAIN
Sian Fisher, CEO, CII
STUDIES LIKE THIS HELP TO CLARIFY THOSE PRIORITIES, HELPING US ALL TO DECIDE HOW WE CAN TAKE CHARGE AND ENGAGE IN MANAGING OUR PERSONAL AND FAMILY RISK
Baroness Ros Altmann, former pensions minister
THE REPORT'S FINDINGS ARE DISTURBING, BUT ARE SADLY NO LONGER SURPRISING
Sarah Champion, shadow women's and equalities minister