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Accountancy figures show that women now account for 48% of personal insolvencies – the highest proportion since 2007
The proportion of women hitting the financial buffers – by declaring themselves bankrupt or being made insolvent – has reached record levels, latest figures reveal.
And debt-ridden females are being further squeezed by the recession, with a separate survey showing that one in four say they have been forced to reconsider or delay plans to have a baby as a result of the economic downturn.
With world financial markets in turmoil amid fresh concerns that Europe's debt crisis might spark a global recession, the figures reveal the extent to which women have already suffered financially while being forced to make personal sacrifices as a result of the squeeze on their finances.
Analysis by accountancy firm RSM Tenon found that in the second quarter of 2011, 14,827 women were declared bankrupt, obtained a debt relief order or took out an individual voluntary arrangement. As a result, women now account for 48% of personal insolvencies – the highest proportion since the company began recording the figures in 2007.
Some studies suggest that as recently as 2002 women constituted just 32% of bankruptcies.
Mark Sands, head of personal insolvency at RSM Tenon, said: "People blame female money troubles on almost everything from a culture of consumption to alleged 'bankruptcy role models such as Kerry Katona. However, the picture is more complicated than that."
He said the recent rise in the proportion of female insolvencies began in the second quarter of 2009, and the figures have climbed steadily ever since. "In the early part of the recession, more women than men were made redundant, and some studies have claimed that government spending cuts instituted during the recovery period have a disproportionate effect on single parents – nine out of 10 of whom are female. Also, more women than men work part time, and in a downturn part-time and shift workers are more likely to be cut."
Meanwhile, in a survey by Red magazine 10% of women said the recession had made them postpone trying for a baby, with 15% saying they had decided not to try at all.
The magazine's National Fertility Report shows the effect the recession has had on women trying for a baby – from how much they would be prepared to pay for IVF treatment in order to conceive, to postponing motherhood due to redundancy and the rising costs of living.
It found baby prices have dropped more than house prices – with the average amount women would be prepared to spend to conceive dropping from £15,000 to £12,000 – a 20% drop in just 12 months.
Sam Baker, Red magazine editor-in-chief, said: "This report provides an in depth view on the effect the recession has had on women's baby plans. The comparable figures show that the last year has hit women and their families hard, with many having to postpone or reconsider trying for a baby."
Rebecca Smithers
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