Insolvency and bankruptcy amongst women is on the increase

A survey by RSM Tenon shows that the number of women who are declaring themselves as bankrupt or insolvent has reached worrying levels.

By the second quarter of 2011, there were 14,827 females who were either declared as bankrupt or had entered into a voluntary debt arrangement. The number of personal insolvencies amongst women made up 48%, which means it has reached the highest level since 2007.

There are many reasons which could be contributing to these record numbers. As the debt crisis continues to spiral to worrying levels, many females are having to make personal sacrifices. As more women than men are being made redundant, many are struggling to cope with the costs of living. There are also more women than men who work part time hours, and these appear to be the first types of jobs to be cut. Women are more concerned than ever about the security of jobs, and the effects job losses are having on individual finances.

A separate survey by the popular magazine Red, found that financial issues are causing more women to reconsider trying for a baby or at least, delaying it until the situation improves. The survey discovered that 10% of women are holding off on having a baby due to the recession, while 15% are not trying to have a baby at all. Women are also spending less money on trying to conceive, with a reduction from £15,000 to £12,000. This means that in the last 12 months, there has been a decrease of 20%.

The National Fertility Report which is also issued by Red, found that the decline is fundamentally down to the effects of the recession. Many women can simply not afford the high costs which are associated with having a child any more.

View the original Guardian article.