Summary
In the last few years bankruptcies involving females have risen significantly. This article looks at the trends and analyses the cause.
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While awareness has focused on prestigious commercial bankruptcies like that of Winston George and Partners, new figures declaredby the Bankruptcy Service show numerous individuals are going bankrupt – and many of them are ladies in debt.
In the last 4 years bankruptcies amongst females have increased by nearly four hundred per cent. In fact they now make up 40 per cent of all bankruptcies with young females under the age of thirty most prone to suffer financial downfall.
The information from the Insolvency Service publicised that last year 23,177 women were declared insolvent, up from only 6,644 in 2003. With men the figure was 37,976, that’s roughly two hundred and fifty per cent higher than the 15,741 which were declared insolvent in 2002.
This means that eight years ago women made up 30 per cent of bankrupts, but by last year that had increased to 38 per cent.
Commonly, people aged between thirty two and 39 are most liable to go bankrupt. But with females it’s the youngsters that are possibly most at risk, the twenty four to34 years of age.
The swift growth of womens bankruptcy is perhaps assiociated with both overspending when credit was too easy and their enhanced vulnerability due to the rising numbers of ladies who don’t have the support of family and marriage. It is clear that more ladies are running up insurmountable debts as they endeavour to sustain sumptous lifestyles. They want to spend like Peaches Geldof but simply don’t have the income to pay back the debts they run up. It’s tough as they increasingly have to borrow more to get on the property ladder and if they live by themselves, there’s nobody to split the financial liability.
By and large, some debt advisors believe that bankruptcy amid ladies would quickly correspond with levels amongst men.
However theories by Ministers of Parliament, that ladies are particularly vulnerable to being made redundant were shown to be wrong by the Office for National Statistics last month. It said redundancy within women is running at at 1/2 the rate of males, and more women are sheltered as a large proportion of them are Government workers.
But the escalation in female bankruptcy intimate that females are miserable for reasons beyond cuts in jobs and pay. Social surveys have repetively pointed out that divorce leaves men much better off than females, usually because women commonly take the children.
But if a cohabiting couplebreak up, the man has no financial commitment to the female. And between 5 and 6 million Britons live together.
And a accruing percentage of females have decided to remain single either to follow jobs that may now be suspect, or because of a benefit system that penalises couples but rewards single mothers.
Most of us get into financial trouble from time to time and some of us depend on our relations to help us out. These insolvencies amongst ladies are a consequence of too manyfemales being alone without financial support.
