According to recent Ocean statistics it seems women are more conscientious than men when it comes to saving money on household finances, particularly insurance and mortgage costs.
69% of all switch and save’ insurance cover applicants to Ocean are women; a figure which suggests that more women than men are in charge of their household finances. Are women more likely than men to shop around, consider their options and find better value on insurance cover and mortgages? This recent statistic would support this claim.
A recent study at BNY Mellon shows that women are more cautious and careful than men when it comes to financial investments and premiums.
Women are more likely to do more of their own research before investing and they’re more likely to demand a quality service from their financial advisers.
The EU Gender Directive was implemented in December 2012 to prevent gender discrimination in the areas of insurance, mortgages, premium rates and any benefits, and as a result rates for women rose dramatically because of this new law.
This directive motivated women to consider their options in insurance, mortgages and other premiums across the board and Ocean Finance offered women cheaper deals than other insurance and mortgage providers.
Ocean Finance ran a national Facebook campaign in December 2012 to inform female customers and potential customers about the change in law and prices as the media seemed to play down this development.
While it is essential to prevent gender discrimination, Ocean Finance prioritized its customers and felt a responsibility to keep them informed about the inevitable changes and the choices they had.
Historically younger women have paid cheaper car insurance than younger men and this is just one of the way the EU Gender Directive has effected changes in prices. Generally women have also paid a lower annual rate of life insurance due to their higher life expectancy than men.
A new study from DailyWorth, which was reported on by Reuters shows that 76 percent of women are now their household’s main retirement planner. This means that more women are in control of their household finances and are making decisions about where and how to invest retirement funds.
At Ocean.ie we know you’ll do your homework and we respect you for it. We want to provide you with the best prices and the best service for your premium so don’t hesitate to talk to us today at 01 8693400.