British women are going bankrupt as they attempt to buy themselves an A-list lifestyle
British women are going bankrupt as they attempt to buy themselves an A-list lifestyle and emulate celebrities such as Victoria Beckham, new research has revealed.
According to The Insolvency Service, 55& of young bankrupts in 2008 were female – up from 48% five years ago. In total, 1,560 women under 24 were declared bankrupt compared to 1,250 men in the same age group.
The research, reported in The Daily Mail, found that young women were so keen to establish their independence that they buy houses or flats at an early age. They then spend the bulk of their monthly salaries on mortgage repayments.
Anthony Cork, of accountancy firm Wilkins Kennedy said: ‘Five years ago it tended to be young men who got out of their financial depth, but now it is far more likely to be young women who spend irresponsibly.
‘That gap between the genders seems to be growing. Over the last decade, the pressure on young women to follow the lavish lifestyle of female celebrities has grown immensely. The growing availability of credit has meant that for the status-conscious, who want to exhibit the trappings of success, designer clothes and jewellery seem misleadingly achievable.’
In 2008, approx 67,500 people in all age groups went personally bankrupt in England and Wales, an increase of 89% over the past five years.