Is debt a female problem, or an age-old myth?
Ruth Duncan, Maxwell Davies Director
At first glance, newly published official insolvency statistics show women in retirement age are more vulnerable to insolvency than any other age group. Is it possible that mature women struggle more with finances, or is the debt-data deceiving?
Some facts suggest this could be true. Women over 55 are more likely to rely on credit cards to supplement their state pensions and sometimes keeping up with repayments may be just too much. They are also more inclined to stay unemployed or to be made redundant.
Apart from being subject to ageism, more often than men, women take time out of work to look after their partners, elderly relatives or grandchildren. By taking on far more significant financial burdens, the playing field isn’t level. But, that’s only part of the picture.
Young and bankrupt
The data shows that insolvencies are, in fact, driven by younger people, with the highest rates among women aged 18 to 44.
The findings are worrying but not surprising, as the pay gap, lower-income, childcare cost, and student debt remain the main reasons of financial inequality.
Women also head nine-out-of-ten single-parent families in the UK. And understandably, these extra financial pressures strongly correlate with insolvency figures. As often, women are just one unexpected bill away from losing financial stability.
Women urged to seek debt advice sooner
The best chance of reducing female insolvency numbers is for women to seek debt-management advice early. Please check out our FAQ section. And if you are looking for a way to deal with your debts, we can help advise on several options available and the best course to take.
Seeking advice early on really can help to find the best resolution and whatever happens, we will be beside you, helping you through the process. Contact us for a free initial consultation.
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