UK: Men are more than twice as likely as women to go bust

Submitted by anthony on Sun, 2009-01-25 06:39

Article here. Excerpt:

'Men are two and a half times more likely to file for bankruptcy than women, possibly because they are less efficient at running their finances, according to research by Tenon Recovery. More than 430 of the 600 bankruptcies handled by Tenon last year involved men. The firm said anecdotal evidence suggested women were less likely to fall into insolvency because they were more efficient at tasks such as keeping financial records and collecting payments.

"Women's strong organisational skills could go some way to explaining why they are better at managing their finances than men,' said Carl Jackson, head of Tenon Recovery.

More women are losing their jobs in this recession than in previous slumps. But research by NatWest and Everywoman has found that female business owners are more likely to take a structured approach to running a firm, with 55% following a business plan, compared with only 34% of men. They are also more willing to take advice. Both of these traits could help female businesses survive the crunch.'

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Comments

Since men are often busy spending their money on supporting women and children, they are more likely to go bust from the burden of doing so added to the decline in income associated with a bust economy.

Answer is simple: if men spend a lot less on women and children, they are much less likely to go into bankruptcy. And split the check in earnest on a date? What a novel concept! Doubt you'll see that any time soon (see the next story).

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Submitted by Matt on Sun, 2009-01-25 17:20

I agree with Matt:

1) Men pay for dates
2) If a woman uses her rights to choose to stay home with the kids, daddy has to work extra to support the entire family or else he's considered a loser and a deadbeat.
3) The mom can divorce him once he has that nice job and collect tax-free child support payments (in the U.S. the money men pay as CS actually counts as income and he has to pay taxes on top of the CS he paid).

If the economic recession affects men more than women it is probably because men are so financially accountable to support them. I doubt it reflects on men's lack of organizational skills. In the 80's and 90's when the economy was better, was that attributed to men's good organizational skills? Or do women get credit for the good economy and men are blamed when it is bad?

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Submitted by WakeUp on Sun, 2009-01-25 20:33