Only 23% of women would be financially resilient after a loss of income

The research found that one in five (19%) UK adults say they wouldn’t be able to make ends meet without the help of a loan or credit card.

Of those that said they would not be able to make ends meet, women were again more likely than men to struggle financially - 23% of women said they wouldn’t be financially resilient, compared to 15% of men.

Women were more likely to feel resilient if they could rely on the help of a family member or partner financially (33% vs 25%).

Figures from the ONS show that at age 50, 17.9% of women were economically inactive, compared with 9.6% of men. This rises to 58.6% of women by the age of 64, compared to 44.9% of men.

MetLife says the growing opportunity for employees to work from home rather than having to exit the workforce altogether could provide a positive opportunity for older workers, especially women.

Rich Horner, head of individual protection at MetLife, commented: “Many women have been forced to face their financial fears in the wake of the pandemic. Events have reminded us of the importance of having a plan in place.

“We need to support and encourage women to review what solutions exist to help protect them financially not just in the immediate future but also the longer-term. Financial protection – a safety net that in cases such as illness, time off work or an accident– can make a real difference. Ultimately, it’s important that people plan today to help their future selves to feel and become, financially resilient.”