New research highlights gender gap in income loss risk and loan safety nets
Female mortgage holders in the UK may face greater financial risks than men when dealing with sudden income loss, and are more likely to make personal sacrifices to keep up with home loan repayments, new research suggests.
The study, conducted by LifeSearch and the HomeOwners Alliance, surveyed over 500 UK mortgage holders. It found that women are significantly more likely than men to fall behind on mortgage payments soon after a loss of income due to illness or injury.
Fourteen percent of women said they would immediately struggle to meet repayments, compared to 6% of men. Within two months, 27% of women would face difficulty, nearly double the 14% of men. After six months, 51% of women reported they would be unable to keep up, versus 39% of men.
Despite these pressures, many women reported they would take measures to stay afloat, such as requesting a payment holiday (30% of women vs. 20% of men), taking on additional work (23% vs. 15%), borrowing from friends or family (22% vs. 16%), or cutting back on non-essential household spending.
However, the data also highlighted low levels of financial protection. Just 55% of female mortgage holders said they had some form of insurance cover, compared to 62% of men. Fewer than half of the women surveyed (49%) had life insurance, only 18% had critical illness cover, and just 13% held income protection.
“Women show incredible resilience when faced with financial shocks – but resilience alone isn’t enough,” said Debbie Kennedy, chief executive of LifeSearch. “Many women juggle part-time work, career breaks or caring responsibilities, which often makes their income more vulnerable to disruption. Yet these same realities can make protection feel less relevant or harder to access.
“Too often, women are navigating these risks without the cover they need or the clear information to make confident decisions. As an industry, we have a responsibility to make protection simpler, more inclusive and better tailored to the way many women really work and live.”
“Buying a home should offer security,” added Paula Higgins, chief executive of HomeOwners Alliance. “But for many women, that security could quickly unravel if their income is disrupted.
“Women often show remarkable resilience in trying to keep their finances on track, whether by cutting back, taking on extra work or calling on family support, but even so, a short period out of work can place enormous strain on household finances. It’s crucial that we better recognise these pressures and ensure homeowners have the support they need to stay financially stable when life takes an unexpected turn.”
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