Money worries for Midlands women

Article date: 19 October 2001

Women in the Midlands are the biggest worriers when it comes tomoney - according to research by Norwich Union.

Over half (54%) of women in the region said money was theirbiggest worry compared to only 22% in the South and 29% in theNorth. In contrast, women from the Midlands are the least worriedabout losing their health with only 29% saying it was their biggestworry compared to 57% in the South and 47% in the North.

Other findings from the research revealed that Midlands womenappear to be the most secure in their relationships. Only 4% ofwomen in the Midlands worry about their partner having an affairwhile 8% in the North and 5% in the South said it was their biggestworry in life.

Norwich Union commissioned the research among working womenamongst fears that homeowners are not sufficiently covering theirmortgage in the event of serious illness. Despite the fact that 54%of women in the Midlands worry most about money, they are thepoorest in the country at taking out critical illness insurancewith only 22% having cover, compared to half of that in the Northwhere 44% are covered.

Willie Mowatt, head of protection at Norwich Union, commented:“It is important that people do not put their homes as riskas nearly one in 10 women said they would have to sell their houseif they were unable to work through ill health. Insurance can startfrom as little as £5 per month (for stand alone criticalillness/Mortgage Life Insurance/term assurance) and can give youpeace of mind against money worries in the future.

“With the increasing trend towards repayment mortgages itis important that people consider taking out protection as thesetype of mortgages do not have it built in.”

-Ends-

Full details are available by visiting the website onwww.norwich-union.co.uk or by calling 0800 015 2530.

Notes to Editors

  1. 1 in 4 males and 1 in 6 females aged 30 will suffer a criticalillness such as cancer, heart attack or stroke before the age of65.*
  2. 1 in 10 males and 1 in 33 females aged 30 will suffer a heartattack before they are 65.*
  3. 1 in 10 males and 1 in 8 females aged 30 will contract cancerbefore they are 65.*
  4. 1 in 21 males and 1 in 32 females aged 30 will have a strokebefore they are 65.*
  5. Despite all this it is estimated that less than 12% of the UKworking population held critical illness policies during2000.*
  • Fieldwork for research undertaken by Norwich Union took placeduring July 2001
  • Norwich Union’s news releases are available on thissite
  • A selection of images are available from the CGNU Newscastsite at www.newscast.co.uk
  • An ISDN facility is available for studio quality interviews.Call the press office on 08703 666873

For all life & pensions media enquiries 08703 66 68 73 Forall other media enquiries 08703 66 68 68 * Source: GE Frankona– May 2001

Press office contacts:
James Evans 08703 66 68 78
Out of hours 07790 487105

Louise Goffee 08703 66 68 70
Out of hours 07810 057362

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