Women much more affected by the economic crisis

Experts have seen that women who try to emulate the popular ‘WAG’ lifestyle by living way beyond their means have been hit harder by recession. These women spend vast amounts of money on credit cards, store cards and even take out personal loans to fund their lavish lifestyles, leaving many in financial dire straits.

Women are being hit the hardest by Britain’s economic meltdown, figures have revealed. The study conducted by the Government’s Insolvency Service discovered that women are being hit almost 3 times harder by the recession than their male counterparts.

People who are classed as being in ‘extreme debt’ have a debt-to-income ratio of more than 66:1. This means that effectively, individuals are spending more than 66 times their annual salary every year.
Records show that there are 64,035 insolvent women at the present time, and of these, just over 45,000 are aged between 25 and 49. This is a large percentage of the figures that young and middle aged women account for.

The Consumer Credit Counseling Service said the majority of its clients declaring bankruptcy are female. The top reasons include living beyond their means, closely followed by the break down of a relationship, loss of earnings and serious illness.

In conclusion, the recent figures surrounding bankruptcy clearly show that women are in more danger of financial meltdown than men. Women must protect themselves by cutting back on lavish spending in order to avoid bankruptcy in the future. Shopping in cheaper stores, holidaying close to home, and even cutting out a morning coffee can all contribute greatly to ensuring financial security in the future. These cutbacks also teach valuable budgeting skills which will give these women the right start in disciplining themselves financially.

If you feel you are struggling to pay any debts, whether it be credit cards, store cards, personal loans or even a mortgage, Sterling Green can help. We offer a range of financial solutions to help you recover from the recession. We offer debt management plans, tax management programs and even a re-mortgaging service.

Our team of experienced advisers are committed to finding the best solution for you. For a free consultation call us free on 0800 083 2827.


Katie Simpson works as an enthusiastic financial advisor for a debt management company based in Manchester. During her long years’ experience within the financial sector, Katie has helped many Brits regaining control over their personal finances through debt management plans.