Women with full-time jobs are increasingly in charge of family finances but the majority don’t have a critical illness policy, according to Scottish Provident’s Women and Protection report.

57% of women in full time employment predominately make the financial decisions in their household, compared to 47% in 2011. However, the research also shows that over 10 million women in full time employment (84%) do not have a critical illness policy in place, with 57% citing expense as the reason they cannot justify taking out this cover.

The cost of protection for women is also likely to rise when the EU gender directive comes into force on December 21st.

41% of female employees said they would take out a protection policy if they had children, a large rise on 25% who said they would in 2011.

A further 28% said someone close to them getting a serious illness would make them consider purchasing critical illness cover, whilst 21% cite getting married as something that would motivate them to do so.

“Women are increasingly assuming financial responsibility in the home both for making money and making financial decisions,” said Jennifer Gilchrist, senior product development manager at Scottish Provident.

“It is a cause for concern that women who work are not recognising the importance of protection, potentially leaving themselves and their families open to financial hardship if they should become seriously ill, lose their jobs or die. Despite becoming ever more responsible for financial decisions, women are not making appropriate choices to safeguard their futures.

“Women need to take the necessary steps to protect their own and their families’ finances, should they no longer be able to work. With 100 days to go until the EU Gender Directive comes into force, women can avoid paying more by seeing an adviser and sorting out their protection needs now.”