An article out in the Daily Express this week (7.9.11) refers to a report from RSM Tenon on the rising numbers of bankruptcies among females. In the three months to June 2011, 14,827 women were declared bankrupt, obtained an IVA (individual voluntary arrangement) or gained a debt relief order. RSM Tenon started recording the figures in 2007 and believe this period has seen the highest proportion of women in such financial difficulties ever.
Why is this happening? Experts suggest that our spending culture has changed significantly and that store cards may have led to a build up of debt. It’s also possible that women were more prone to redundancy in the earlier part of the recession. There is also the proposition that the change in the tax and welfare benefit system may be exacerbating the situation.
Further reports out this week by the Daycare Trust and Save the Children, suggest that parents are getting into debt over the cost of childcare. Almost 67% of respondents to a survey said that they could not afford to stop working but the costs of childcare were becoming difficult to manage.
If you find yourself in this situation, there are many sources of advice to help. It is important to face up to debt difficulties before they get out of control. For tips and advice, call For more information contact www.cccs.co.uk or 0800 138 1111, www.nationaldebtline.co.uk or 0808 808 4000 and www.citizensadvice.org.uk. For more information on the survey results for parents facing difficulties with childcare costs, visit http://www.daycaretrust.org.uk/. Note that Amy Taylor Accountancy is not responsible for the content of external websites.
Have you found yourself struggling with debt, more now than at any time in the past? Do you have any recommendations for women or parents finding themselves in this situation? Please leave your comments and thoughts.
