Insolvencies and bankruptcy are not just a male phenomenon, new figures have revealed, after the proportion of women declaring themselves bankrupt or being made insolvent reached record levels in recent months.
In the second quarter of 2011, almost 15,000 women were declared bankrupt, obtained a debt relief order or took out an individual voluntary arrangement, analysis by accountancy firm RSM Tenon found.Women now account for 48% of personal insolvencies – the highest proportion since the company began recording the figures in 2007 – compared to just 32% as recently as 2002.
"People blame female money troubles on almost everything from a culture of consumption to alleged 'bankruptcy role models such as Kerry Katona. However, the picture is more complicated than that," said RSM Tenon’s Mark Sands.
"But in the early part of the recession, more women than men were made redundant, and some studies have claimed that Government spending cuts instituted during the recovery period have a disproportionate effect on single parents – nine out of 10 of whom are female.”The figures coincide with a recent survey by woman’s lifestyle publication Red, in which 10% of women said the recession had made them postpone trying for a baby, and 15% said they had decided not to try at all.
"This report provides an in depth view on the effect the recession has had on women's baby plans,” said Sam Baker, Red magazine Editor-in-chief. “The comparable figures show that the last year has hit women and their families hard, with many having to postpone or reconsider trying for a baby.”