UK: Men's midlife cash crisis

Submitted by anthony on Fri, 2009-04-03 03:24

Article here. Excerpt:

'Men in their 40s are more likely to suffer a financial crisis than a midlife crisis these days.

Statistics reveal that about 28% of the 106,000 people declared bankrupt or insolvent in 2008 were men aged between 40 and 45.

This means men in their 40s are the most likely group to enter into an individual voluntary agreement (IVA) , say financial advisers Tenon Recovery.

The firm highlighted the South-East, including London, as the UK's IVA hotspot, with 25% of cases coming from the region. Next worse was the Midlands with 18.5% and then the North West with 15.5%.

Tenon director Gill Wrigley says: "As people reach their 40s, any increase in wages over the years is counter-acted by a disproportionate increase in outgoings, such as paying college bills.'

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