Women owe over twice as much as men but worry more about the perceived social stigma of debt than repayment, according to a study on Friday. Women aged over 35 have an average 8,219 pounds in unsecured debt, while their male counterparts owe just 3,436 pounds - a 139 percent difference - according to a survey by Sesame.
The company, which provides support services to financial advisers, found that 57 percent of women would feel embarrassed if other people found out they were in debt at all. But 38 percent said they were not worried about how they would repay their debts in the longer term.
The research also found that both sexes in the 45 to 54-year-old age group face a growing debt problem. They have racked up average debt of more than 16,800 pounds, excluding mortgage loans. Alastair Conway, head of customer propositions at Sesame, said: "Never mind binge-drink Britain, there is a growing epidemic of binge-debt Britain that could prove to be just as detrimental to women's financial health as binge-drinking is to their actual health.
"It seems that women are being clobbered from both sides, with accumulated debt being compounded by the difficulties many women face in funding an adequate income in retirement." ICM Research surveyed 800 adults, 350 of whom had unsecured debts.