When it comes to money, us Brits are notoriously bad at discussing anything to do with the “M” word. Whether it’s chasing a payment from a friend or chewing over a monthly paycheque with a significant other, money can be an ugly subject. But as ugly as it may be, it’s an important topic to talk about.
The gender gap when it comes to debt is particularly worrying. StepChange says 45% of women in the UK have stated that they feel worried about their current financial situation and in 2023, 64% of those who sought help from StepChange were women. “We know that there are certain factors that make women more vulnerable to problem debt, including high childcare costs, caregiving responsibilities and the gender pay gap,” says Simon.
As a result, Charlie admits that this debt has had a negative effect on her relationship with her partner as she failed to talk about the stress the financial situation was putting her under. Worryingly, Charlie’s story is far from rare. “We’ve seen this situation worsen in recent years, with our clients who are women taking a greater hit to their budgets than men due to the cost of living crisis,” said Simon.
But as bleak as it may seem, help is out there. Debt Awareness Week is from 18 to 24 March and it’s the perfect time to be realistic about your finances and seek the advice and support you need. “Another option would be to move your high-interest debts onto a balance transfer card with a 0% interest period if possible. While this could be an effective method, you need to make sure that you can pay the debts off in full before the interest free period ends.”
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