The number of insolvencies among young women aged 18 – 24 jumped 24% last year, rising to 3,930 in 2018, up from 3,175 in 2017, according to research by UHY Hacker Young.
Insolvencies amongst women in this age group are growing faster than any other demographic group. All individual insolvencies increased at a slower 17% over the same period, rising to 116,407, up from 99,157. Insolvencies amongst young men increased 15% last year, to 2,843 in 2018, up from 2,468 in 2017.
UHY Hacker Young’s report says: “Our research shows that the rise in insolvencies among young women may have been driven by growing redundancies in the retail and hospitality sectors. ONS data shows 66% of jobs in the retail and hospitality industries are held by women, compared to just 34% held by men. A number of restaurant and retail chains have had to go through redundancy rounds in the last year.”
Consumers overall have started to struggle to repay their debts; the value of consumer loans written off by UK banks hit £456m in 2018/19, the highest level since 2014/15.