Generation of young women face insolvency
Half of Britons being plunged into insolvency are women - the highest proportion since records began - a report has revealed.
The report, from accountancy firm RSM Tenon, predicts official figures (due to be published tomorrow) will show women account for almost 50 percent of all insolvencies in England and Wales for the first time in history.
Women pay the biggest price for the recession
With thousands of women loosing their jobs, experts fear that these figures are proof that women have paid the heaviest price in the recession.
The report predicts tomorrow's figures will show women make up a record 49.2 percent of all insolvencies. These include bankruptcies, individual voluntary arrangements and a new type of insolvency called a debt relief order.
A new trend
Mr Sands said some women had been 'burying their head in the sand' during the recession, but were suddenly having to face the cruel reality of their financial crisis. Women bankrupts were 'virtually unheard of' in the 1980s when he joined the industry, he said.
'Women used to only become insolvent as a result of a major life event, such as marriage breakdown or ill health. Now household budget pressures such as inflation, welfare benefit changes, wage freezes and reduced working hours, are pushing them into bankruptcy. It is insolvency by a thousand budget cuts.'