According to research from LifeSearch and HomeOwners Alliance, which surveyed a sample of 500 mortgage holders, 14% of women said they would immediately fall behind on mortgage payments if their income stopped due to illness or injury. This compares to just 6% of men.
The report continued that within two months of income stopping due to illness or injury, around 27% of women said they would be in difficulty with their mortgage payments, which is nearly double the proportion of men at 14%.
Going up to six months, over half of women, 51%, would struggle to keep up with mortgage payments compared to 39% of men.
The research showed that despite women reporting that they may be more vulnerable to income shocks, women would take a range of actions to stay on top of payments.
Nearly a third of women said that they would request a mortgage holiday from their lender, compared to 20% of men.
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Almost a quarter would look to bring in extra income through temporary work or a side hustle, a rise from 15% of men.
Around 22% of women say they would borrow from family or friends, whereas only 16% of men surveyed said they would go down this route.
The report said these strategies would provide “temporary relief” but this could “store up longer-term financial challenges”.
This is especially the case for women who could be balancing family responsibilities, rising living costs, and often less predictable earnings due to part-time work or career breaks.
The report found that protection levels were low amongst those surveyed, and women were less likely to have it in place than men.
Around 55% of women said they had a form of protection cover, which is below 62% of men.
Less than half of women said they had life insurance, 18% of women said they had critical illness cover, and only 13% had income protection.
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.”
