Men are far less likely to confront debt troubles compared to women, a study has revealed.
Debt advice charity Money Advice Trust (MAT) has revealed a range of psychological and sociological factors are responsible for making men less likely to seek debt advice than women.The research, which was undertaken by Dr Jackie Goode and Dr Amanda Waring from the Centre for Research in Social Policy, uncovered reasons why men can be seen to be less likely to seek debt advice than womenFactors included the divisions of ‘financial labour’ between men and women, whereby this was seen as the woman’s role, being over optimistic, as well as a lack of awareness, understanding, and inaccurate perceptions of what advice services offer.Chief Executive Joanna Elson OBE 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 work to break down any barriers that exist to prevent men from obtaining advice. It is clear that many psychological and sociological factors are at play when men seek out advice and not-for-profit money advisers need to recognise this in how we promote and deliver advice. The report also says that men also seem to be low on self-confidence as the study found they often think they lack social skills perceived to be necessary to access debt management services.Joana continued: “At MAT we have already made steps to encourage men to seek advice. In November last year we launched My Money Steps, an online debt advice service. Our research suggested online tools might be particularly useful for men who are more likely to feel the need to ‘help themselves’ and to re-gain a measure of control of their finances.“We are encouraged that those who had received advice from a not-for-profit organisation reported on their experiences positively; however we are concerned that some men were not fully aware of the differences between charitable advice organisations and commercial debt management companies. Our research suggests that this confusion can prohibit some men from seeking advice, and it certainly doesn’t help that commercial organisations continually seek to confuse the matter by advertising as if they were a not-for-profit entity.”Men’s need to take control of finances and be able to ‘do it themselves’ in relation to managing debt problems is also said to be a contributing factor.Manchester debt firm is liquidated owing creditors over £2.2m
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