Changes to EU gender laws driving controversy
Tis the season for festivities, joy and peace… but for many people whose budgets are limited in these difficult economic times, there’s an underlying anxiety as to how December’s pay check will stretch to cover all the festive trimmings.
And for those already feeling the pinch at one of the most expensive times of the year, a change in EU law may not be the most welcome Christmas present!
21st December, or ‘G-Day’ as it’s commonly known, is when a new gender directive comes into force. This means that insurers can officially no longer increase or decrease insurance quotes based on sex.
Whilst gender equality supporters champion the motion, it also means some quite significant financial consequences for others who are happy with the current state of play.
Financial products such as life cover, income protection cover and car insurance are just a few products available on the market that are set to see their premiums alter.
When it comes to the cost of insurance, women have generally had an easier ride than men. But that’s about to change, with women facing the most likely hike in premiums across the board of around 25%.
Male drivers in particular are set to benefit. According to the AA, men generally pay substantially more for their car insurance up to the age of around 40.
Young men of between 17 and 22 years old typically have an insurance premium of above £3,000, whilst their female peers pay almost £900 less.
But not for much longer… the change in law means that the ‘male / female’ checkbox on the insurance application will be no more.
So now with financial equality on the insurance front being enforced, can we expect men to be happy with the changes? How will women react to any increases? The proof will be in the pudding, as we see just how the new rules play out.