More And More British Women Becoming Bankrupt

Tue, 27 Jul 2010

The number of women in the UK filing for bankruptcy has risen at an alarming rate over the past ten years, according to new research by the Insolvency Service .

The group revealed that there were some 29,680 bankruptcy cases in the UK last year, compared to just 6,042 in 2000, and that women now account for 40 per cent of all bankruptcies .

Their study also showed that younger women find it harder to manage their finances, with almost two-thirds of bankruptcy cases attributed to 25 to 44 year-olds.

Graham Horne, deputy chief executive of the Insolvency Service, said: "These figures show that more and more young women have levels of debt incurred through trying to maintain lifestyles that are unsustainable."

"It is critical that all young people are aware of the impact that irresponsible spending can have. Filing for bankruptcy or obtaining a debt relief order should be viewed as a last resort."

Nigel Millar, business recovery partner with accounting service Baker Tilly, commented: "One thing that stands out is that 58 per cent of women made bankrupt are between the ages of 25 and 44. They are the ones who are spending and incurring credit card debt ."

"Females have much more control than they used to over their own finances; however, they are getting more credit and incurring the consequences."

However, the findings have slammed by women's rights groups who claim that women’s debt problems are down to the fact that women "earn less, own less and have lower earning potential" than men.
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