Men Most Affected by Recession
July 27th, 2010
A report from Credit counselling charity shows that there are rising demand from men as male income drops and outgoings increase. Men have been more affected by recession due to a number of factors including rising unemployment, a slower rate of salary increases and rising household expenditure.
Going by the figures from Consumer Credit Counselling Service (CCCS), the number of men contacting the agency for debt advice has gone up by 51% since 2007. On the other hand, the number of women seeking debt advice has increased by only half this figure.
Commenting on the findings, Malcolm Hurlston, chairman of the charity, said, “Men have been hard hit by the recession and are emerging as the new underclass. Debt alone is no longer the problem; it is loss of income and other rising costs. This deterioration in the economic circumstances for men, still the main breadwinners in most homes, has serious implications for many households.”
A further study in the results reveals that almost half of the men who approached the charity attributed the cause of their debt to reduced income, including redundancy or unemployment.
The charity feels that the major reason for rising debt is the reduction in male incomes. In 2007, the average income of a man counselled by the CCCS was £14,508 a year, in 2008 it was £17,724, but last year it dropped to £17,460.
The amount of household expenditure incurred by the men has also witnessed an increase over that period, from £1,125 a month to £1,497, mainly due to the increase in the cost of gas and electricity.
The saying may sound cliched but as in other cases, prevention is better than cure so if you are finding it difficult to meet your financial responsibilities and facing a situation which may lead to bad debt, you may like to consider seeking debt advice from reputed debt management companies in the UK. Before you think this would add to your costs, realise that most companies offer free debt advice.
