Women set to survive the crunch whilst men more likely to go bankrupt

The current credit crisis has led to a lot of jokes about businessmen telling their wives to streamline their shopping sprees as they streamline their companies, but now it would appear that women are better equipped to tackle financial problems than men.

The latest research by Tenon Recovery has shown that men are two and a half times more likely to go bankrupt than their female counterparts.

According to Tenon, over 430 of 600 personal bankruptcies that the group managed last year involved men. The difference has been attributed to women’s efficiency at keeping financial records and collecting payments.

Head of Tenon Recovery, Carl Jackson, commented: “Women’s strong organisational skills could go some way to explaining why they are better at managing their finances than men.”

However, it has also emerged that an increased number of women are being made redundant in this recession than in previous ones. Official employment statistics indicate that women are losing full-time jobs at twice the rate of men.

Yet, research by Natwest and Everywoman has discovered that 55% of female business owners are more likely to follow a structured and systematic business plan, compared to just 34% of male business owners. Women are also more prepared to take advice, which bodes well for female businesses to survive the economic downturn.

Article sourced from www.debtmanagementtoday.co.uk 28th January 2009