Member Article

15% more ‘female breadwinners’ than in 1983, says LV=

The number of ‘female breadwinners’ in their 20s and 30s highest in three decades More women in higher education than men

In times gone by it was the man of the house who earned the lion’s share of the family income. But not now. According to recent research carried out by LV=, women are bringing home more slices of bacon (earnings) than men. Whereas, in the past, women were, for the majority, happy to accommodate traditional roles, that’s certainly not true today.

In the last three decades, with women attaining higher positions of power within the workplace, the number of female breadwinners in their 20s and 30s has rocketed by 15%. In fact, according the research, women are surpassing their partner’s earning power - women on average earn £14,000 per annum more than men.

According to the research, it’s women working in engineering and governmental sectors who are more likely to earn more than men – 51% and 48% respectively. Other areas on the rise, where women are earning more than men, include finance and transport (both 45%), education (44%) and law (43%).

There are, of course, many possible reasons for this. The most obvious alludes to the fact more women are now pursuing university degrees; and not just undergraduate degrees either: Master’s, PhD’s and Doctoral programmes. Girls at school are being encouraged to pursue their own academic or professional ambitions; applying for university with the hope of attaining high powered roles in later life – and being told it is possible. Interestingly, the glass ceiling that once existed (while never fully shattered) does not exist in young female minds, but remains a relic of a by-gone era, hopefully never to be truly experienced. Furthermore, 54% of women who took part in LVs survey claimed to have attained better GSCE and A-Level results than their partners, or male working colleagues.

According to a report issued in the Guardian newspaper in January, more women are seeking forms of higher education than men. In 2010, UCAS, Britain’s student admission service, claimed more than half of students who went to university that year were women (55%).

Persuasive career guidance has also had a big influence, giving women the confidence to back themselves and make important career decisions. More women are also taking out loans to start-up their own businesses as well.

While LV’s research highlighted how women were earning more money on average than men, the findings also gauged workers’ willingness to purchase life insurance in the UK, which would act as a financial back-up if a partner was forced out of work due to unforeseen circumstances.

Mark Jones, LV= Head of Protection, comments: “Whether it’s the man or the woman that is the higher earner, the responsibility of having others relying on your salary means it’s important to consider what would happen if you were unexpectedly unable to work due to illness, accident or unemployment? We would encourage people to ensure they have a backup plan which could offer them financial support, especially if they have children.”

Source: LV= female breadwinners

This was posted in Bdaily's Members' News section by Fianancial Confession .

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