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Women more likely to talk about debt

18/11/2020

Women across Britain are more likely to talk about debt than men but less are seeking financial support, new research has revealed.

According to an independent YouGov survey, conducted on behalf of the Creditfix COVID-19 Debt Analysis: Insight and Trends report, women are more comfortable speaking about their debts and would be more likely to contact a debt advisor for help.

However, Creditfix data shows that the number of women seeking advice and entering debt arrangements, such as an Individual Voluntary Arrangement (IVA), from April until September is slightly down on the same period in 2019.

It’s suspected the drop in numbers seeking support is being driven by the pandemic as more women find themselves working in industries affected. Unstable employment and loss of income are believed to be factors that would potentially lead women to believe they’d be unable to find a solution.

However, finding debt help and advice has never been more important and women struggling are being encouraged to seek guidance.

 

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Money worries are immediate

As the county continues to adjust to the new normal we find ourselves in, balancing finances is crucial.

Any crisis heightens inequalities, but COVID-19 has been a global catastrophe with women facing serious financial hardship.

From 16-25 years being branded as ‘Generation COVID’ as young women feel the strain of the virus on their finances and future prospects, to reports of more specialist support being put in place for a young woman forced to pay off debt to a loan shark with sexual favours, it is clear that debt help and advice is in high demand.

Against the backdrop of a worldwide health emergency, every penny counts as new stats from Creditfix research show that 28% of women are feeling personal pressure about making ends meet. Of the women polled 27% were concerned about running out of money or savings to buy day-to-day essentials, 21% worried about paying household bills and 19% concerned about debt collectors.

What’s more, according to Creditfix advisors who have been supporting people during the pandemic, money worries are very immediate with covering the cost of food highlighted as a serious concern for many.

Further research in the Insight and Trends report shows that 30% of women would reduce their grocery shopping bill when struggling financially, while those aged 25-34 were most worried (37%) about running out of savings or money to buy day-to-day essentials – compared with 30% of 18-24 year-olds and 28% of the 35-44 age group.

 

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Finding free debt advice more important than ever

While times may be uncertain and parts of the UK continue to live under strict lockdown restrictions, Creditfix is calling on anyone struggling to seek free advice.

Although Creditfix has noticed a 5% increase in the number of men being approved for debt solutions during the pandemic, the percentage of women has dropped slightly but still makes up a majority when looking at the gender split.

As one of the UK’s largest debt help providers, Creditfix specialises in offering free advice to shoes in needs.

Social distancing and self-isolation may be part of everyday life but it’s important to recognise that when it comes to dealing with debt, no one is alone.

Specialist advisors have worked throughout the pandemic and continue to offer advice to those struggling with their finances, helping thousands find debt solutions tailored to their needs and support from outside organisations.

Speaking of the Insight and Trends report, Creditfix CEO Paul Mason said: “The team at Creditfix and Carrington Dean help support people, many who are in their darkest moments, and often our role is simply to listen.

“We understand that being in debt or the prospect of getting into debt can be daunting and brings with it additional stress and pressures but finding a way through it is not as complicated or overwhelming as some people may think.

“Even for people, who have fallen through the net and been unable to get financial support or respite, there is still help available for them.”

 

“Nation must work together and put on a united front”

Tackling debt can be a daunting and harrowing experience.

However, as the latest Creditfix report highlights that more people (46%) would be more comfortable speaking to a debt advisor about their debt than a lender, it’s important to be aware of the support available.

Mr Mason added: “There are many misconceptions about being in debt and at Creditfix, we take our social responsibility very seriously. Our dedicated specialist teams are highly experienced in helping clients find the right financial arrangement – one which involves close consideration of their circumstances and lifestyle – as well as supporting them throughout the process and helping them get back on track.

“We also work closely with partner organisations who can provide further support for those dealing with difficult and potentially volatile or desperate situations.

“In these austere times, we must help look after those most vulnerable and unsuspecting of how the pandemic has impacted their situation.

“As a nation, we must work together and put on a united front. After all, there is no vaccine for poverty.”

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Personal Loan

Pay Day Loan

Council Tax

Catalogue & Store Cards

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