The study calculated that female workers could be approximately £21,000 out of pocket if they had to take 12 months off work. However, almost 1 in 3 of those surveyed had no savings at all.

The consequences are serious, Aegon has warned. Six months out of work would see more than a quarter (27%) of women forced to turn off the heating to economise, while a similar number (23%) would have to stop paying for childcare.

Sarah Pennells, Consumer Expert and Editor of SavvyWoman.co.uk, commented: "While women are increasingly in charge of family finances, they are falling behind when it comes to thinking about what would happen to their finances if they could not work or couldn't take care of their children. I was struck by the fact that almost three quarters of mums say that the financial security of their children is a top priority, but one in three has no savings and four out of 10 have no protection cover."

She added: "Preparing ahead for long-term illness, or worse, isn't just about assessing how much savings you have or whether you should consider taking out a protection policy. It's also about discussing who you‘d like to manage your finances for you if you're unable to do so; who should look after your children if both you and your partner die and what arrangements need to be made after your death."

http://www.aegon.co.uk/About-AEGON/Media-centre/Press-releases/2014-press-releases/cms_026409