Women have made gains in the job market, now holding half of our nation’s 132 million jobs, according to recent data from the U.S. Bureau of Labor Statistics. However, a gap remains in their understanding and use of benefits that protect their income, according to research by The Hartford Financial Services Group, Inc. (NYSE: HIG).
Men have higher participation rates for income protection benefits, such as life and disability insurance, while women have higher participation in health benefits, including medical and dental coverage, according to The Hartford’s national survey. Sixty-four percent of women wage earners said they “completely or mostly” understand life insurance compared with 79 percent of men. And 61 percent of women workers said they have life insurance through their employer, compared to 68 percent of men.
“Women are making important contributions to the U.S. economy and to their family finances,” said Laura Marzi, assistant vice president of marketing in The Hartford’s Group Benefits Division. “We are concerned about the number of women who still lag behind men in protecting their wages. We’re encouraging all workers, particularly working women, to take steps to protect their physical and financial health.”
The recent recession has put a focus on women’s wages. Men have suffered the most job losses in the past year, and women have outpaced men in getting jobs in the sectors that are growing, such as health care and education, according to the U.S. Bureau of Labor Statistics.
However, one in three women (32 percent) surveyed by The Hartford said they are just meeting their expenses or do not have enough income to meet their expenses, compared to one in five men (19 percent). The survey also found that 97 percent of all workers would have to change their lifestyle to meet expenses if they lost part of their family’s income for three to six months.
“We hope a lesson from recent tough times will be the importance of financial planning, including life insurance for all wage earners in a family,” Marzi added.
Keeping It In The Family
Sixty-eight percent of women surveyed by The Hartford said they are the primary decision maker in their household. Many said they turn to their family for advice when they are considering life insurance. Spouses and immediate family members were the top influencer (62 percent) among female survey participants.
One in three women (32 percent) said it is extremely important to discuss end-of-life issues, such as life insurance, with family members, according to The Hartford’s survey. Yet, the survey data indicated men are more comfortable than women discussing these issues. And only 28 percent of women reported having a will, compared to 42 percent of men.