Reasons for fewer men seeking debt help ‘identified’

A new study has listed reasons why it is more likely for women to seek help with debt than men.

Dr Jackie Goode and Dr Amanda Waring from the Centre for Research in Social Policy have produced research for the Money Advice Trust, which notes certain tendencies in men and women lead to a gender imbalance in this respect.

In some cases the situation is down to a lack of awareness among men over what help they can get, but it also found many are over optimistic about their finances and the capacity for things to get better.

Other findings included a tendency among men to try to be independent and solve problems on their own, while there was also apperception that sorting out problems was more of a woman’s role.

Money Advice Trust chief executive Joanna Elson commented: “Our anecdotal evidence was that men might require a little more of a push to seek help in dealing with a debt problem,” adding there is a need to “break down barriers” to this.

Ms Elson continued: “It is clear that many psychological and sociological factors are at play when men seek out advice.”

Men who do seek debt help may find they can replace struggling continually with their money situation with a clear plan to get them debt free, which could include debt consolidation, a debt management plan or even an individual voluntary arrangement.

The need for debt help may be a widespread one, after a poll by uSwitch just after last week’s Budget showed 41 per cent of people were worried about their finances.

By James Francis