It’s unacceptable to hit women, yet the recession seems to have got away with it. According to startling statistics published by the Insolvency Service, women across the UK have struggled with the economic downturn more than their male counterparts.
Figures show that over a period of 12 months, a staggering 65,000 women were deemed insolvent because of unmanageable debts. That works out at 175 cases a day.
Compared with the previous year, the number of women being declared insolvent increased by 22% in the 12 months to 31st August. At the same time, the number of men being declared insolvent because of their debts increased by 8% to 75,111.
Effectively, this means the crisis among women is ballooning nearly three times faster than it is for men, according to research based on official figures from the Government’s Insolvency Service.
Experts warn women are paying the price for trying to maintain a standard of living they simply cannot afford.
A spokesperson commented: “The rise in the number of people being declared insolvent points to several things. For example, it suggests that more people are struggling with their debts – but also that those already struggling with their debts are becoming more aware of their options.
“The figures are clearly on the rise, and there are still many borrowers struggling with their debts without getting help.”
Reports also indicated that more than a million women in Britain are unemployed, according to official figures from the Office for National Statistics.
This is the highest for 17 years, with the number expected to keep rising as the impact of this week’s spending review takes effect.