Following the release of latest Personal Insolvency Statistics showing a change in gender mix for insolvency cases, it is interesting to note the following:-
R3, the insolvency trade body, asked its members to identify the leading causes of insolvency for men and women.
Factors that are more likely to cause insolvencies for men than women are:
- Own company failure (83{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} of IPs said this was a leading cause of male insolvency; women 32{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34})
- Job loss or reduction in income (57{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34}; 50{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34})
- Legal dispute costs (34{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34}; 14{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34})
- Unexpected bill (28{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34}; 19{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34})
Factors that are more likely to cause insolvencies for women than men are:
- Accumulation of consumer debt (85{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34}; men 75{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34})
- Loss of household chief income earner’s income (46{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34}; 30{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34})
- Cost of living, other than housing (23{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34}; 11{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34})
- Family-related costs (22{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34};8{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34})
It will be interesting to see whether the trend remains the same over the coming months, especially as the are still mixed messages surrounding the state of the economy. Any thoughts?