High levels of spending and personal loans are causing more and more young women to declare themselves insolvent according to a report published by a leading accountancy firm.
A 45 per cent rise in the number of women under 30 declaring themselves bankrupt since 2001 has been reported by PricewaterhouseCoopers (PWC).
PWC's Patrick Boyden, partner in the Business Recovery Services practice said a "new bankrupt" is on the rise, and they are more likely to be women under 30 who have not been in business before.
"Consumer debt levels among young people and women appear to have contributed to the explosion of bankruptcies last year and many individuals mistakenly believe bankruptcy is now a softer option," he commented.
The report highlighted the growing number of people of both sexes losing control of their finances, with a rise of almost 50 per cent over the last two years of young people going bankrupt.
The Insolvency Service reported that 63 per cent of all bankruptcies in 2003/2004 were men.
The Consumer Credit Counselling Service predicted in a report last week that the number of people declaring themselves insolvent is set for a dramatic rise this year.
PWC says number of bankrupt women increasing
PWC says number of bankrupt women increasing
Mon, 13 Jun 2005
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