Phil MeekinView Profile
There has been a mighty growth in insolvencies in women in recent times. Women account for 49% of personal insolvency up from 30% a decade ago.
There has been a mighty growth in insolvencies in women in recent times. Women account for 49% of personal insolvency. A decade ago, the figure stood at 30%. The figures are expected to remain static in 2013 but with women overtaking men by 2014.
The trend is more noticeable in younger women and it is thought this may be as a result of continuing gender pay variations alternatively women could be dealing with their debt problems at an earlier time than men. A higher proportion of women are employed on minimum wage or work part-time hours.
Many women choose Debt Relief Orders (DRO’s) whereas only 17% of Men did this option. There was further disparity when more men choose Bankruptcy than did women.
with personal insolvency on the rise some groups are claiming Pay Day Loan companies and other expensive providers of finance have targeted young women as they know they can easily enter insolvency than before. Bankruptcy can last a mere 12 months.
Young females have seen the rise of scaled personalities entering insolvency. TV Stars like Kerry Katona, Martine McCutcheon and Miquita Oliver have all declared themselves Bankrupt.
Women’s only saving grace seems to be they are more likely to ask for help rather than keep their heads buried. Women could always take the alternative solution to DRO’s or Bankruptcy which are IVA’s.
Hopefully, in years to come the gender gap will close as children become more educated about finance whilst at school. They are unable to help themselves understand their financial position and because of ruthless marketeers and the youth of today believe they have an entitlement to spend whether they can afford them or not.