Reasons Behind Mens Reluctance To Seek Debt Advice Revealed

Tue, 29 Mar 2011

A new study has identified the reasons why men are less likely to seek help with their debts than women.

Research on how men deal with `problematic debt’, conducted for the Money Advice Trust, found that the situation is often down to a lack of awareness among men over what help is available to them, while some lack the self-confidence and social skills to access debt support services.

It also found that men often have a "powerful need" to see themselves as being in control of their finances and managing their debt problems on their own.

Many tend to be over optimistic regarding their prospects for improving their debt situation, while those who are part of a couple often believe it is the woman's role to seek help.

Commenting on the findings, Joanna Elson OBE, chief executive of Money Advice Trust, said: "Our anecdotal evidence was that men might require a little more of a push to seek help in dealing with a debt problem and this research helps us to understand what might be behind this."

"We want to break down any barriers that exist to prevent men from obtaining advice," she added.

"It is clear that many psychological and sociological factors are at play when men seek out advice and not-for-profit money advisors need to recognise this in how we promote and deliver advice ."
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