|
12th August 2010
 On
the day that the Ministry of Justice has published
its quarterly insolvency figures, research by
KPMG has shown the divergence in 'typical' male
and female bankrupts around the country. The most
striking difference is the level of liability,
with male bankrupts owing around £91,000
while females owe £56,000. The divergence
is even more pronounced in particular regions,
specifically the South East, which has the largest
majority of male bankrupts at 63% owing £100,000,
while the remaining 37% are female, owing £73,000.
The research also shows that female bankrupts
tend to be slightly younger (by three years on
average) but there is a difference of six years
in the Midlands where male bankrupts are typically
43, while female bankrupts are 37.
Chris Nutting, Director of
Personal Insolvency at KPMG, said: "While
today's figures have shown a large decrease of
19% in the number of people filing for their own
petition in bankruptcy, it is interesting to note
the differences between men and women in financial
difficulties. As someone with 40 years of experience
of advising people with heavy personal debt burdens
it has always been apparent that more men end
up in extreme financial difficulties. Without
being an expert in the differences in the behavioural
patterns of men and women, it is difficult to
pinpoint exactly why men are more likely to get
into financial distress and to a greater degree.
The data certainly poses interesting questions;
such as are women more financially prudent and
does this reflect the higher earning potential
of men?”
Commenting on the reduction
in the number of bankruptcies announced today,
Nutting went on to say "The decrease in bankruptcies
(echoing last week's Insolvency Service figures),
is perhaps counter-intuitive given the economic
times in which we live but, in fact, we believe
the drop disguises the underlying trend. While
less people are taking the bankruptcy route out
of their personal debt - which should come as
a relief to their creditors - many more people
are taking up debt relief orders and individual
voluntary arrangements (where debtors come to
a compromise agreement with their creditors).
Combining the number of DROs and IVAs announced
by the Insolvency Service with the number of debtors'
petitions, the total number of people seeking
an insolvency procedure has increased by 8% compared
with the same quarter in 2009.”
About the research
KPMG analysed the characteristics
of 23,000 debtors who entered bankruptcy between
1st January and 30th June 2010.
| |
London & SE |
Midlands |
South West |
North |
Wales |
Average |
| % Male |
63% |
62% |
60% |
59% |
57% |
|
| % Female |
37% |
38% |
40% |
41% |
43% |
|
| Av Male
Age |
40 |
43 |
43 |
45 |
30 |
|
| Av Female
Age |
39 |
37 |
38 |
42 |
28 |
|
| Av Male
Liability |
£110,278 |
£95,448 |
£95,403 |
£83,853 |
£67,806 |
|
| Av Female
Liability |
£72,705 |
£52,298 |
£54,716 |
£54,104 |
£46,799 |
|
| Combined
Age |
|
|
|
|
|
43* |
| Combined
Liability |
|
|
|
|
|
£61,000* |
* Please note that the total average age and
liability is an average of the raw data of all
cases analysed by KPMG and therefore does not
correspond exactly with the average of the total
averages given in the table.
The Ministry of Justice
and Insolvency Service figures
The Ministry of Justice
figures announced today show that 13,004 people
filed their own petition in bankruptcy in the
quarter ended 30 June 2010, a decrease of 19%
per cent compared to the same quarter in 2009.
Insolvency Service figures on individual voluntary
arrangements (IVAs) and debt relief orders (DROs),
combined with bankruptcies, total 32,745 compared
with 30,348 for the same quarter in 2009 (an increase
of 8%).
Relevant links
www.justice.gov.uk/companywindingupandbankruptcy.htm
/www.insolvency.gov.uk/otherinformation/statistics/201008/index.htm
Top |
News
| Business
| Films
|
Galleries
| Music
| Theatre
News |
Business |
Money |
Property
| Views
