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Women Suffer More Than Men When it Comes to Bankruptcy

Bankruptcy is never a pleasant process to go through. The emotions surrounding it can be harsh at the best of times. But it might surprise you to learn that more and more women are being declared bankrupt with each passing day – three times as many as men.

The difference in the situation between men and women is clearly seen when you look at the percentage increases in bankruptcies in the year up to the end of August this year. When compared to those figures found a year ago, we can see that the increase in male bankrupts is 8%. In contrast the same period for women saw the increase go up by a huge 22%.

The biggest age group for these bankruptcies to occur in is between 25 and 49. Some experts believe that women are more prone to trying to live a lifestyle they are not able to maintain. Men are less likely to do this, hence the difference in percentages.

Whatever the reason may be, it is clear that more help and assistance should be provided for women (and men) in this situation. Perhaps guidance given before the stage of bankruptcy is reached would be a good idea?

It is understandable that we should see an increase in bankruptcies during a period following a recession. This is particularly true when you consider how difficult the current climate really is. But the increase for women is surely far higher than it ideally should be, and needs further exploration if we are to prevent it from getting any worse.

If you have concerns about your income and you wish to discuss your tax position and associated matters, you can contact us at St Matthew now.

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