Female fashion fixation to result in greater debt help need?

An increasing number of women may require debt management help as it has been discovered shopaholics are facing financial struggles.

New research c…

An increasing number of women may require debt management help as it has been discovered shopaholics are facing financial struggles.

New research carried out by uSwitch.com found females have racked up debts of more than £13 billion because of their desire to own the latest in designer clothing.

The investigation highlighted four million women in Britain claim to be a shopaholic – each with an average personal shopping debt of £3,353.

This amount is nearly three times above the national average of £1,147.

Despite the tough economic climate, girls are not relenting in their clothes shopping, the website warned.

It discovered gals spend an average of £2,436 a year on garments, grooming and accessories – which equates to 51 per cent of their total disposable income.

Although 33 per cent of the female population stated the credit crunch caused them to reduce their spending on the high street, 23 per cent admitted their purchasing practices have not altered at all.

Moreover, four per cent claimed they have increased the amount they spend on threads in a bid to cheer themselves up.

Just under half (41 per cent) of female shopaholics said they would buy an item they really desired, even if they knew it would take them past their overdraft limit, while just 14 per cent admitted they budget for a month’s outgoings in advance.

Ann Robinson, director of consumer policy at the portal, noted: “Despite the financial constraints, women have carried on copying the lifestyles and shopping habits of their idols and ignoring the debt they are racking up in the process.”

PayPal’s recent UK Online Retail Report showed 88 per cent of consumers search for discounts or promotions while shopping.

By Amy White

ADNFCR-622-ID-800039402-ADNFCR

Tell others:

shortlink