The study surveyed over 500 UK mortgage holders and uncovered stark differences in how quickly financial difficulties might arise if income were lost due to illness or injury. According to the data, 14% of women say they would immediately fall behind on mortgage payments, compared with just 6% of men. After two months, 27% of women would be struggling - nearly double the 14% of men - and by the six-month mark, more than half of women (51%) would find it difficult to stay on track, compared to 39% of men.
Despite this greater exposure to risk, many women say they would take decisive actions to avoid defaulting. Three in ten (30%) would seek a mortgage holiday — compared to 20% of men — and nearly a quarter (23%) would try to earn additional income via temporary jobs or side hustles, versus just 15% of men. Others would look to borrow from friends or family (22% of women compared to 16% of men), or tighten spending on non-essential household items.
The research also highlights a concerning gap in financial protection. Women with mortgages are less likely than men to have insurance coverage in place as a safeguard. Just 55% of female mortgage holders surveyed reported having any form of protection, significantly lower than the 62% of men. Specifically, only 49% of women hold life insurance, a mere 18% have critical illness cover (which pays out upon diagnosis of a serious illness), and just 13% report having income protection to cover lost earnings during illness.
Debbie Kennedy, CEO at LifeSearch, said: “Women show incredible resilience when faced with financial shocks – but resilience alone isn’t enough. 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.”
Paula Higgins, CEO at HomeOwners Alliance, added: “Buying a home should offer security, 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.”
