Study: Women are more likely to buy life insurance policies, but less likely to invest in foreign currency

Women buy life insurance policies more often than men: they account for just over 60% of contracts. At the same time, the average bill for men is twice as high - 344.5 thousand rubles. against 117.6 thousand rubles. respectively. This is evidenced by the data of a joint study by Rosgosstrakh Zhizn and Otkritie Bank.

The most significant difference is observed in relation to the currency of accumulative and investment life insurance contracts. Women prefer mainly ruble-denominated products, which account for 95% of all policies issued by the fair sex. Men are 2 times more likely than women to conclude contracts in foreign currencies - US dollars and euros.

“According to the International Labor Organization, the fair sex in the world earn about 18% less than men. In Russia, the difference is even more noticeable and reaches 30%,” says Natalia Belova, Director of Market Management at IC Rosgosstrakh Zhizn. “This is also reflected in the amount of contributions to accumulative and investment insurance products. By investing a smaller amount, women also think less about diversifying investments, while men tend to put money into different “baskets”, leveling risks. In addition, male clients are more likely than females to use financial analytics when making investment decisions.”

When applying for investment savings life insurance policies, almost 100% of female clients indicate a specific beneficiary under the policy, who will receive savings in the event of an adverse event. Beneficiaries under "male" policies were appointed only in 71% of cases. If an adverse event occurs, savings on policies with no specific beneficiaries will pass to the rightful heirs after 6 months.

“This is due to the fact that women are more likely than men to save for a specific financial goal for loved ones - usually children. Men are more likely to save up for a financial goal “for themselves”, but this is rather not a sign of a big ego, but rather fulfilling the role of the head of the family. A man wants to control finances himself and, if necessary, independently determine the amount needed, for example, for a child to study at a university, ”explains Belova.

In other aspects, the characteristics of consumer behavior in women and men are similar. As for the duration of the insurance period, the difference is insignificant: the average insurance period for women is 9 years, for men - 10 years. The average age of clients is 50 and 48 years respectively.