MoneyExpert: ‘Women Borrow Twice As Much As Men’

The UK’s women owe more than twice as much as their male counterparts, it has emerged.

According to financial advice services company Sesame, the average 35-year-old male owes £3,436, while women owe an average of £8,219 in unsecured loans and debts.

However, those aged between 45 and 54-years-old were found to have higher average debts, reaching a £16,800 per person – a total which excludes mortgage loans.

In the survey of 800 adults, it was also found that while women may borrow more, over half would be embarrassed if people found out about their debts.

“Never mind binge-drink Britain, there is a growing epidemic of binge-debt Britain,” said Alastair Conway, Sesame’s head of customer propositions.

He added that the debts “could prove to be just as detrimental to women’s financial health as binge drinking is to their actual health”.

Sesame offers advice on a range of areas including insurance and pensions and operates two divisions, Sesame Direct and Sesame Select.

This article: © Moneyexpert Ltd.

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