Young women frittering away money

While this may suit the England football team’s wives and girlfriends (Wags) who have rich partners to support them, a survey found that 80 per cent of women were spending more than they brought in.

According to the More magazine survey, women are spending rather than saving for things such as mortgages and top of the poll of women other women admired was the “Queen Wag” Victoria Beckham.

She was the “most admired woman of the 21st century” largely to do with her attitude towards shopping.

While Mrs Beckham has the finances to support the purchase of £8,000 of skiing gear without even going skiing, other women without the funds are trying to emulate her.

Half of the 2,000 women polled owe an average of £3,830 on credit cards and 40 per cent have been bailed out by parents.

Such warnings of poor economics coincide with recent government warnings that more young people are risking large debt later in life through poor finances now.