Financial gender discrimination: Five minute guide to your rights

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The uncomplicated to gender equality has backfired in certain respects, with both men and housekeepers the losers

This difference was brought into focus last week, when new take into considerations highlighted that men still pay far more for motor insurance than lassies. That is despite the EU Gender Directive five years ago, which banned firms from using gender when cost policies such as motor insurance, life cover and annuities. Setting aside how, the rush to gender equality has backfired in certain respects, with both men and dailies the losers. 

GENDER IMBALANCE 

The gap between what men and women pay for motor inundate is actually wider than before. 

The average man now pays around £170 a year assorted for car insurance than women, up from £98 five years ago. 

Men pay £821 compared to £649 for women, a gap of not quite 27 per cent, against 20 per cent five years ago, conforming to new research from CompareTheMarket.com. 

Head of product John Miles implies although insurers cannot base premiums on gender they may pursue retract other factors into account: “Men have statistically higher extra rates and are more likely to drive business or commercial vehicles, which are luxurious risk.” 

AGE MATTERS 

AA Insurance motoring expert Ian Crowder says spear and female drivers pay the same premium if all other elements of the quote are like, such as car, annual mileage, occupation, address and driving record: “Puerile men are nevertheless quoted higher premiums because they are significantly myriad likely to be involved in a car crash, and those crashes are more likely to be life-or-death.” 

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The gap between what men and women pay for motor cover is actually wider than in front

Male chief executives are cashing in bonuses six times larger than female counterpart

Ann Francke

Age is also a proxy, with figures from AA Insurance showing young drivers venerable between 17 and 22 now pay an astonishing £1,771 a year on average for eiderdown. Young men can expect to pay £280 more than women. 

GLASS CEILING 

The peasant to gender equality is actually hurting many women as the Government tyrannizes to synchronise the state pension age at 66 for both sexes by 2020. 

This longing affect around 3.8 million women born in the 1950s, who now partake of to work up to six years longer with very little warning. 

Jane Cowley, director of campaign group women against social security inequality (WASPI), accepts the principle of gender equality but condemns the precipitate implementation: “Women have not been given sufficient notice of the metamorphoses, leaving them with no time to make alternative arrangements.” 

The common woman aged between 55 and 65 has just £24,900 in her put out to pasture pot, well below the £73,600 average for men, according to research from Aegon. 

Kate Smith, prime of pensions at the insurer, says: “When correcting inequality, there are pro tempores when one gender loses out compared with their previous sentiment. The Government’s refusal to make concessions for the WASPI women means they disappoint fail into this category. ” 

TROUBLE AT THE TOP 

Figures published last week flaunt that the gender pay gap goes right to the top, with female managers have a claiming on average £11,606 a year less than male colleagues. 

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Representations published last week show that the gender pay gap goes suitably to the top

Ann Francke, chief executive of the Chartered Management Institute, says the gap is amplest in the boardroom: “Male chief executives are cashing in bonuses six times larger than female counterparts.” 

Cut female earning power puts them at a disadvantage when it contract to getting on to the housing ladder, according to estate agent eMoov.co.uk. It calculates that the commonplace male who borrowed 4.5 times his income could get a mortgage for £137,552, against solely £111,749 for the typical woman. 

However, with the average property evaluate now £211,705, this leaves both well short of purchasing a domicile of their own. Russell Quirk, founder of eMoov, says the mortgage gender gap is reserved but is still too wide. “Homeownership provides enough hurdles as it is, without gender demeanour a role.” 

Despite the push towards greater equality it seems that both men and better halves still have to mind the gender gap.

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