Will women be worst hit by debt?

Women are likely to be worst hit by debt issues in the coming years, according to an expert.

Georgina Earle, director of Women In Debt, said that she is concerned over the number of women seeking debt advice, as well as the number likely to encounter problems in the near future.

"Females have fought for equality over the last decade or so, equality in the workplace, in salaries, in the home et cetera. We have wanted independence from our spouses and to be able to afford a lifestyle based on this equality," Ms Earle explained.

"For the majority of the UK we have been living a lifestyle we can ill afford."

She suggested that while women have less debt in general, they are also more likely to have more expensive debts such as store cards and catalogues.

In recent years women have had ready access to credit due to improvements in salary and better job options, as well as the option to take equity from their home should they get into money trouble.

"However the past few years have seen a huge change and I believe that women will fare the worst," Ms Earle said.

Her comments seem in line with a new report by Barclays Wealth.

The study of 2,000 high net individuals revealed that women are less likely to take risks with their money, but are also less concerned about planning for the future by making a will.

Most women polled preferred to leave inheritance planning to a male member of the family, but conversely, were less likely than men to delegate other financial decisions.

"As the rate of women's wealth rises exponentially across the world, it is becoming increasingly vital that financial institutions and wealth managers address and understand these differences in order to cater for female clients more effectively," said Barbara-Ann King, head of Female Client Group at Barclays Wealth.

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2012-02-06 12:39:06 © Moneyextra.com