Middle-aged women most likely to face bankruptcy?

Middle-aged women could be among the most likely group in society to face bankruptcy, new research has suggested.

Conducted by Wilkins Kennedy, the…

Middle-aged women could be among the most likely group in society to face bankruptcy, new research has suggested.

Conducted by Wilkins Kennedy, the study revealed files for bankruptcy between 2008 and 2009 rose fastest among females in this age bracket.

The investigation showed the number of 35 to 54-year-old ladies who chose the option jumped by 37 per cent in just 12 months – a greater increase than any other demographic.

This number swelled to 15,659, which was markedly up from the 11,418 registered a year earlier.

And within this group, those aged between 45 and 54 witnessed the quickest increase in bankruptcies, with the amount leaping 40 per cent in 2009 to reach 6,338 – a significant rise from the 4,522 cases recorded in 2008.

The number of middle-aged men selecting the method over this time also saw an increase, rising 22 per cent from 20,834 in 2008 to 25,501 a year later.

Anna Sofat, founder of Addidi, suggested the gender difference is an indication of females being more aware of their money situation.

The industry expert suggested: “The increase is just a reflection of the fact that many more women are now financially independent and responsible for their own finances, as opposed to women being less careful with their money.”

She added ladies tend to be more risk averse and will be more controlling in regards to their financial security.

Her comments come after Turn2us encouraged pregnant women and new mothers to check their benefit entitlement after it was discovered many females build up debt while on paternity leave.

By Joe White

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