Female Bankruptcies Soar

Female Bankruptcies Soar

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Whilst attention has focused on high-profile corporate bankruptcies like that of Lehman Brothers, new figures revealed by the Insolvency Service show many individuals are going bankrupt - and more and more are women.

 

In the last 6 years bankruptcies amongst women have risen nearly fourfold. In fact they now make up 40 per cent of all bankruptcies with younger women under the age of 35 most likely to suffer financial collapse.

 

The figures from the Insolvency Service revealed that last year 23,173 women were declared bankrupt, up from only 6,641 in 2002. With men the figure was 37,972, that's roughly 250 per cent higher than the 15,741 which were declared bankrupt in 2002.

 

This means that six years ago women made up 30 per cent of bankrupts, but by last year that had risen to 38 per cent.

 

In general, people aged between 35 and 44 are most likely to go bankrupt. But among women it's the younger ones that are most at risk, the 25 to 34 year olds.

 

The rapid rise of female bankruptcy is probably linked to both overspending when credit was too easy and their increased vulnerability due to the growing numbers of them who don't have the support of family and marriage. It is clear that more women are running up unmanageable debts as they endeavour to maintain lavish lifestyles. They want to spend like Victoria Beckham but simply don't have the income to repay 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 alone, there's no one else to share the financial burden.

 

Overall, some licenced insolvency practitioners believe that bankruptcy among women would soon match levels amongst men.

 

But speculation by Government Ministers that women are particularly vulnerable to being made redundant was proved incorrect by the Office for National Statistics last month. It said redundancy amongst women is running at at half the rate of men, and more women are protected as a higher proportion of them work in the public sector.

 

But the rise in female bankruptcy suggests that women are suffering for reasons beyond cuts in jobs and pay. Social studies have repeatedly demonstrated that divorce leaves men better off than women, mainly because women usually take the children.

 

But if a cohabiting couple break up, the man has no financial responsibility for the woman. And between four and five million Britons cohabit.

 

And a growing percentage of women have decided to remain single either to follow careers that may now be suspect, or because of a benefit system that penalises couples but rewards single mothers.

 

Most of us get into financial difficulty from time to time and many of us rely on our families to help us out. These bankruptcies amongst women are a result of too many being on their own without financial support.