UK: Huge leap in bankruptcy among women

Article here. Excerpt:

'The number of British women going bankrupt has risen almost fivefold in the past 10 years, with new figures revealing a 28 per cent increase in the past year alone. In some cases, according to insolvency experts, the surge is down to the "irresponsible spending" of women trying to emulate glamorous celebrities, while others are being driven to financial ruin by unemployment, pay inequality and childcare costs.

New figures from the Insolvency Service show that women now account for 40 per cent of all bankruptcies, rising from 6,042 in 2000 to 29,680 in 2009.

Younger women are finding it particularly difficult to manage their money, with those between the ages of 25 and 44 making up almost two-thirds of female bankruptcies. In 2009 17,595 declared themselves bankrupt, up from 13,575 in 2008.
...
"These figures show that more and more young women have levels of debt incurred through trying to maintain lifestyles that are unsustainable," says Graham Horne, deputy chief executive of the Insolvency Service. "It is critical that all young people are aware of the impact that irresponsible spending can have. Filing for bankruptcy or obtaining a debt relief order should be viewed as a last resort."

Women's rights organisations have countered that, far from being profligate or financially illiterate, they simply "earn less, own less and have lower earning potential" than men. Experts have pointed to the effects on finance of divorce – after which women are overwhelmingly left poorer than men – single motherhood and career breaks to look after children.
...
"It was ridiculously skewed before; when I started 20 years ago, I would hardly ever see women going bankrupt," Ms Brittain says. "The rise is partly because there are more women starting their own businesses, which should be encouraged."'