Research: Women still behind in financial literacy, younger cancer claimants

New research out of MetLife, Value of life insurance, shows that of those making cancer-related claims, women are younger than men by up to four years.

The claims relating to death, income protection, terminal illness, total and permanent disability (TPD) and trauma are younger by 1-4 years on average when compared to men.

The average age of a mental illness claim by a woman is 46, with MetLife’s information revealing the main drivers of poorer mental health are financial concerns, followed by balancing work and home life.

Of the women studied, 77 per cent said the increasing costs of living were driving poorer mental health, compared with 57 per cent of men. Just over 30 per cent of women are concerned about funding their retirement, compared with 36 per cent of men.

Women (30 per cent) and men (36 per cent) both said debt levels were a source of stress. Eighty per cent of the women said current financial conditions had increased their need to feel more financially secure, with 90 per cent saying they trust their financial adviser for advice on life insurance. A third of women said they didn’t believe they had enough life insurance.

Women also report lower financial literacy compared with men, with 48 per cent of women being more financially illiterate than men (63 per cent) when scored on five basic concepts - earning, spending, saving, borrowing and protecting.

"There are 23.2 million superannuation accounts, which also have a 60/40 male/female split, meaning there is a gender gap in access to insurance inside superannuation - the predominant platform through which most Australians can afford to hold insurance," MetLife said.