Men experiencing higher levels of bankruptcy and IVAs, research suggests

There are higher levels of bankruptcy and Individual Voluntary Arrangements (IVA) for men than there are for women, figures show.

Statistics released by the Consumer Credit Counselling Service (CCCS) indicate that of its IVA recommendations last year, 55.4 per cent were for males and of the people to which it advised bankruptcy, 51.4 per cent were for men.

On average, single males were found to owe £19,830 – 17 per cent more than the average for an unattached woman (£16,937).

Of the financial gender divide, CCCS spokeswoman Frances Walker said: “This may be the one equality which women may not want to aspire to.”

Figures from the Insolvency Service show that in 2008, the most recent report made available, 37,972 men were recorded as bankrupt compared to 23,173 women.

Last month, a study by Markit and YouGov found that people might be facing greater money worries as they struggle to keep up with rising costs for food and services.

By Joe Shervin