Women more likely to seek out help with debt than men

Wednesday 26th January 2011

Figures released by the Christians Against Poverty group and the Consumer Credit Counselling Service (CCCS) have revealed that women are more likely to seek help with spiralling debt problems than men.

63% of callers to the Christian’s Against Poverty group’s debt-counselling centres were women, despite the fact that men are more likely to become insolvent: the latest figures from the Insolvency Service show that in 2008, 37, 972 men went bankrupt compared with 23,173 women.The charity’s chief executive, Matt Barlow, said to the BBC: “We do not know whether women are more pragmatic, or that men have that determination to sort things out on their own. What is clear is that it is awful to live in debt, to be hounded by creditors and feel that life has spun out of control.”The publication of these figures coincides with the release of research by Halifax Savings showing that women are becoming more financially independent and also want to increase their influence on household financial decisions. 89 per cent of women consider it important to save money or to have their own savings, while 54 per cent want to take the lead on important financial decisions.Speaking to the Times, Flavia Palacios - head of Halifax Savings - said; "It is interesting to see how important it is for women to establish their own savings, maintain control over them and the ‘financial' purse strings in the household. Getting into the savings habit and maintaining control over your saving and spending habits is good advice for anyone, but has become increasingly so in the current economic climate."
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