July 3rd, 2009 2 Comments » | POSTED BY ROB
Majority of Young Bankrupts Are Women
The blame for this is largely (and probably more importantly, more newsworthily) laid at the door of the “WAGs”, with women trying to match the spending of the likes of Victoria Beckham or Colleen Rooney. It’s quite sad that this should be the case, but at the same time, with the exposure they get and the lifestyles they lead, it’s not particularly surprising.
But another possible explanation is given: women of this age are much more likely to be living in their own place by the time they reach 24, as opposed to men.
According to the Office of National Statistics, 29% of 20 to 34-year-old men still live with their parents compared to just 18% of women. Those young women are then taking out mortgages which consume too much of their salaries, leaving them vulnerable to interest rate changes and more likely to go bankrupt.
Why is there such a difference between the numbers of men and women leaving home in their early twenties?
Add to this the fact that women are generally paid less than men, and the bankruptcy split between male and female starts to become clearer.
photo credit: tiny_packages
- Wage Gap Between Men & Women (August 30, 2005)
- Scotsman: Wannabe WAGs Borrow For A Lifestyle They Can’t Afford (November 12, 2006)
- Interest-Only Mortgages: Deadly Home Loans (July 6, 2006)
- This Is Money: Household Inflation Calculator Goes Live (January 15, 2007)
- Motley Fool: The Seven Best Savings Accounts (September 21, 2006)