Wigan women are more likely to go bust than men

They show that of over 620 people in the borough who became insolvent in 2021, around 54 per cent were women.

An analysis of the figures by the insolvency trade body R3 reveals that females in the 25 to 34 age range were more likely than any other group to undergo some type of insolvency procedure, such as an Individual Voluntary Arrangement (IVA), Debt Relief Order (DRO) or bankruptcy.

However insolvency rates were higher for women than men across all age ranges except the over-65s.

Allan Cadman, the North West chair of R3, said: “Traditionally men have been more likely to become insolvent than women but in recent years, the balance has changed.

"The figures reflect the fact that women are more likely to be economically disadvantaged, to work part-time and in lower-paid jobs.

2Women are also more likely to be affected by the breakdown of a relationship and to be a single parent, which is also linked with financial hardship.”

The figures also show that Wigan bucked the regional trend with a decline in overall insolvencies for the second year in a row. The borough had an insolvency rate of 23.8 per 10,000 people in 2021, down from 30.3 two years before.

Within the North West, Halton had the highest level of personal insolvencies with a rate of 40.7, followed by Burnley (40.5), Tameside (39.5) and Blackpool (39).

Mr Cadman added: “It’s clear that the economic issues of the last two years are starting to take their toll on people’s financial health and regions in the North have been worst affected.

“In addition to the issues created by the pandemic, rising fuel and energy costs are a big concern and wages are failing to keep pace with inflation. As a result, there are likely to be a lot of people who are worried about their finances in the months ahead.

“Anyone in this position should seek advice as soon as possible. The earlier you do, the more potential options you have to resolve your situation, and the more time you have to decide how to move forward.”