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Why More Women are in Debt Counselling

  08/10/10 08:41, by Len, Categories: Budgeting, Debt Management

Source: Article by Maya Fisher-French writing in the Mail & Guardian's Smart Blogs

Debt counseling figures show that more women are in debt counseling than men.

Summary:
Many would use this statistic to "prove", that women spend too much on handbags and shoes and that women are "not good" with money. However, what the debt counselors tell us is that women come for financial help far sooner than men. So if a man and woman were both in the same financial situation, the woman would be more likely to be in debt counseling. This also means that she is more likely to be financially rehabilitated than the man.
This raises the far more important issue that women remain financially more vulnerable than men, with 65% of men earning more than women, according to the 2009 Careers24 Salary Survey.

It is the role of women as mothers that makes us so financially vulnerable.

While figures are not available at this stage, anecdotally it would seem that many women in debt counseling are single mothers. Not only do they have the financial responsibility of raising their children, but they usually opt for lower paid jobs that provide more flexibility in order to raise their children. Women are left significantly worse off after a divorce, mostly due to the fact that her future income is far more limited than her ex-husband's, either because was limited when she took time off work to have children or simply because women do not earn as much as men.

Read the full article here

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