Rise in bankruptcy among young women. Sadly it's not the moral kind.
Are women shopaholics? Are they really better at spending hard-earned sheets than men? Top 25 accountancy firm Wilkins Kennedy says yes. A study of young adults under age 25 revealed that most bankruptcies are declared by women (55%). This, according to Anthony Cork, the director of Wilkins Kennedy, is most likely explained by "celebrity lifestyle aspirations".
Mr. Cork attributes much of this gender gap to "pressure on young women to follow the lavish lifestyle of female celebrities like Victoria Beckham and Paris Hilton." These apparent "role models" make young women who don't know any better think "designer clothes and jewellery [are] misleadingly achievable."
But have Wilkins Kennedy considered that perhaps instead of spending habits, it's the persistent male-female wage gap that has something to do with it? Figures from April 2005 showed that overall, women working full-time earned on average 17.2% less than their male counterparts.
But whether you are male or female, the big takeaway should come down to one basic principle - spend less than you earn. Stop burying yourself in debt (spending more than you earn) or living pay cheque to pay cheque (spending exactly what you earn). Eliminate your debts, start saving, and have the discipline and diligence to go through your spending and bills. Alright... you can first buy that Jimmy Choo Mahala handbag at half price for £1,211 we know you've been eyeing. Bargain!