Women more likely to seek debt advice and curb spending

Women are more likely than men to curb their spending, reduce their household expenditures and find out more about debt solutions than men.

That is according to a new report by the trade insolvency body R3, which revealed that 80 per cent of Brits are trying to reduce their household expenditures.

It was found that women are leading the way in terms of cutting costs with 58 per cent of females buying fewer non-essentials, compared to 44 per cent of men.

Around 52 per cent of women shop around before buying an item compared to 42 per cent of men and 32 per cent of females will wait to buy items until they are in the sale compared to 18 per cent of males.

It was also revealed that women are more likely to use vouchers to cut cost and to create and stick to a budget compared to their male counterparts.

Frances Coulson, president of the firm, said: "Personal insolvency hit a record high in 2010 and we have seen a rise in the number of women who are seeking debt advice so it is encouraging to see that, rather than adopting the ostrich position, they are being pro-active and addressing their finances."

She added that around 44 per cent of Brits struggle to payday and the rise in living costs has added to that pressure.

Therefore, Brits who need help with their debts should seek information about debt solutions, such as consolidation loans and bankruptcy.

They can look for information about debt solutions on a price comparison site, such as MoneyExpert.com.

A consolidation loan may be one solution for those struggling with money, as it lumps all outstanding debt into affordable monthly repayments.

Recently, a money charity revealed that women are more likely to seek debt advice rather than men, as males regard this as a role for the female in the family.

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