A significant day in New Zealand’s history
19 September 1893. Today is a significant day in New Zealand’s history.
125 years ago today Governor Lord Glasgow signed the Electoral Act into law, and New Zealand became the first nation in the world to grant women the right to vote.
New Zealand women have led the world in making progress for women’s rights, starting as far back as Kate Sheppard leading the charge for New Zealand women to be the first in the world to have the right to vote in a national election to Jacinda Ardern becoming only the second elected head of a government to give birth while in office.
New Zealand women have always fought for a better deal; for other women, for their families, and especially for their children. There is still progress to be made in terms of equality. Sometimes this can even be unintentionally happening in our own homes and families.
In my work as an adviser, I frequently encounter families that have under-estimated the potential financial impact of losing their supporting partner – be they female or male. It seems in many cases the loss of the breadwinner’s income is easy to quantify. But the supporting partner’s value can be easy to overlook, and the financial impact of their loss is not as well appreciated.
And research supports this. Especially when it comes to Mum.
Don’t Underestimate Mum.
Surveys and research around the world – from New Zealand, Australia, the USA, and the UK all found a lack of appreciation for the economic contribution mothers make to their families. A major piece of research conducted by Massey University in 20111 found that despite 71% of mothers saying the financial security of their children is among the top priorities in their life, around two thirds have no protection cover at all, and 49% have never discussed what would happen in the event of their death.
Research has consistently found that women are less likely to have life insurance, or have less of it. UK research also says 72% of mothers go out to work to support their families, but are underestimating their financial importance to the family unit2.
So, how much is Mum worth? Every Mother’s Day Salary.com updates their ‘Mom Salary’, which calculates a salary based on recognising the economic contribution mothers make to family life. This year it’s up to $162,581 American dollars.
A reliable adviser is pivotal in helping translate your family situation and priorities into the most appropriate plan to protect your family’s future. How much is peace of mind worth to you? For around the price of a cup of coffee per week a 40-year-old woman can buy $250,000 or more of life insurance.
If you or a woman you know needs to find out more, contact us.
- FSC Underinsurance Project, Naylor, Matthews and Birks, 2011
- AEGON, UK, 2014