Back in July we commented on the increase in bankruptcies amongst women based on figures released at the time by the Insolvency Service. Last week the Daily Mail reported on a further increase in women with debt problems.

The article included lots of stats and figures to show that the number of women in debt in the UK is at an all-time high and generally gave the impression that women can’t manage their money. If you’ve read any of my previous blog posts, such as my comment on “shopaholic britain” then you’ll know that I disagree with the generalisations that women end up in debt because they spend so much money on shoes and handbags!

However judging from some of the comments left on the Daily Mail’s article, not everyone shares my view:

Women and the youth of today no common sense or money control.

It probably hits them hardest because they are not very good at handing money

200 pairs of shoes? You don’t need them love

Sorry, but I have zero sympathy

Sadly lots of people feel this way towards women in debt, when actually the stereotypical “shoes and handbags” types of people in debt are a minority. Most of the people we speak to have debt problems due a change in their life circumstances, such as the break-up of a relationship, redundancy, or pregnancy – which we all know involves both men and women!

It’s also funny how you never see articles about men being in debt because of their spending habits. As an example to address the balance let’s take look at a favourite male pastime: football.
Virgin Money have been collecting data from 2006 onwards for their Football Fans’ Inflation Index and last year they published a report which showed that one in every five (20%) football fans is having to borrow money as a direct result of supporting their team.

That’s just one example and I won’t turn this into a men vs women debate on who has the most debt. I just wanted to point out that women can be treated a little unfairly when it comes to debt issues and making judgements, so the next time you see a headline about “women in debt” don’t automatically jump to the shoes-and-handbags conclusion.

As women’s spending habits are hit by the media again this week, we ask are women in the UK really all shopaholics?

Research carried out by comparison site uSwitch reported that four million women are shopaholics with average debts of £3,353. This time however, men’s spending habits were also looked at and the report found that there a three million male shopaholics with average debts of £3,425 each.

uSwitch’s Ann Robinson blamed “today’s celebrity obsessed society” for the shopaholic behaviour, but as we’ve discussed in some of our recent blogs, such as our discussion of the increase in bankruptcy among women, it’s all too easy to make a sweeping statement about women copying the celebrity lifestyle at the expense of credit cards and overdrafts without looking at the bigger picture.

Sure, there are lots of irresponsible spenders out there, both male and female, but there are also a lot of people who are making conscious efforts to manage their finances and deal with their debt problems. We know because we’re helping them to do so with IVAs and Debt Management Plans!

A few months ago ClearDebt’s Jacqueline Cohen took part in a feature for the Daily Mirror where they looked at the cost of a woman’s daily wardrobe. We ran a poll along with that blog, with somewhat of a smaller sample size, and found 65% of voters said they had cut down on their shopping habits since the start of the recession.

I’m proud to say I’m part of that 65% and even though there are still some shopping urges I can’t resist, on the whole, when I’m out shopping I find myself putting things back before I make it to the till! Another example is Piper from Frugal living, who has been blogging about her experiences of shopping on a budget.

Are you a reformed shopaholic? What are your top tips for resisting the urge to splurge? Leave a comment and let us know!

Alternatively if you’re a shopaholic who needs help with their debts, take the ClearDebt analyser and see what debt management solutions we can offer you:

I remember the days before debt was an issue at the forefront of my mind.  When I would go about my life with the ethos, “work hard, spend hard”.  And when every shop window, with something that glimmered, would “speak to me” and I would have no choice but to go in and take it home with me.

But times have changed – and so has my budget!

Everyone has a back story and mine was running a business which went under due to the harsh realities of the recession.

I came to work at ClearDebt almost two years ago, and what a wake up call that has been.  There are certain lessons in life you need to learn when finances are “stretched” – and if you’re reading this right now, as a client of ClearDebt or someone with money worries, I suspect you’re nodding your head in agreement.

My words of advice to anyone who can’t resist the shops – is don’t go shopping!  And if you have to…..every time you pick something up that you don’t really need, think about what else that money could be paying for – a phone bill, a mortgage payment, your weekly food shop, your children…or your savings for the future.  Eventually….the guilt works it magic and if you’re anything like me, you’ll be proud to become “frugal”.

In today’s Daily Mirror, there’s an article by Emma Grace Smith on how much money women spend on their daily wardrobe, you’ll see I proudly took part in the story, which was based on a survey claiming the average woman spends £1000 on her daily wardrobe! Shocked? Well it does add up – even for one lady, also featured in the article, who spent over £4,000 on hers!  So, I think it’s time for you to add to the debate and let us know how much you spend on your daily outfit – go on…take a look at what you’re wearing today – including your underwear and your bag….and cost it out. Mine was a total of £79:

Dress: £14 from George/Asda
Underwear: £30 from La Senza and Bravissimo
Tights: £5 from M&S
Shoes: £30 from Dorothy Perkins
Bag and bracelets: Gifts

Why not take part in our poll and let us know if your wardrobe spending has changed since you’ve become more financially aware and how much you think you spend on your own daily wardrobe.

We’re giving away the value of my daily wardrobe to one lucky participant who we believe contributes the best comment and fashion/money saving tip to this blog!

Many thanks to Emma Cattell/DailyMirror for use of photo.

Motivating people is a unique skill.  Some are motivated by money, some by gifts and a certain proportion of us by…guilt.  Not costing a penny to incentivise us (no pun intended) the guilt complex seems to be working wonders in helping shoppers across the UK purge the urge to shop.

uSwitch.com, have confirmed the joy of shopping has been traded in for the emotion of dread as reaching the check out counter brings on a feeling of nauseousness.  It seems when asked for payment, many of us would like to ask for a bucket!

According to statistics, uSwitch confirm 59% of people asked, no longer enjoyed shopping, 35% said they feel more guilty when they give in to retail therapy and 48%  suffer from guilt with the knowledge they could be saving rather than spending;  32% admit the money they’re making purchases with is money that could be better spent on unpaid bills and 27% admitted the most obvious – whatever they were buying, wasn’t really needed.

So how is it that despite the bills coming in and the chasing creditors, it’s seemingly not the red letters which are bringing a stop to the spending and rising debt – but the one thing which in essence, is a natural reaction to the devastation people are witnessing all around them?  Fear of making your debt worse, or even going into debt in the first place is creating the emotion of guilt – and with it, could actually be our saviour.  With guilt comes conscience; and with conscience can eventually, with time and effort, come effective and sensible money management.

Now if only we could put that in a bottle?
View This Poll

There was a time when the great divide between “labels” defined those that shop by price, and those that don’t.

But somewhere along the lines, these divides have blurred with the bunt of the recession, and a new breed of shopper has evolved…the bargain hunter.

With Primark and TK Max leading the way, the pride of the hunt is not only in the purchasing of the garment but in the price paid.  Research from Paypal confirms 54% of consumers are now focussed on the hunt of the bargain above all else.  Heading for the shops with a game plan of what they’re be prepared to spend – those who successfully seek out the cheapest deals in town, come home wide eyed, savouring the taste of success.

And it doesn’t stop there, the brag factor now prolongs the joy of the shop, as friends compare bargains to see who really found the “best buy”.  Budget has now become a fashion statement and those considered clever shoppers, are the ones with the lowest price tag rather than the biggest shopping bag.

It’s good to see that people’s approach to spending has changed as a result of the recession and those who used to throw caution to the wind when out and about, now take with them a little more sense and sensibility rather than an extra piece of plastic. Reassuringly, Paypal’s research confirmed this theory as 17% of questioned, confirmed they prefer to pay with cash now, rather than card.

So as we start 2010 a little more thrift savvy, I’ve created a space where we can start to share a money saving tip, or two…or three…or more.  So log on now to http://www.facebook.com/cleardebt and make good use of the bargains displayed there, and share any you might have found too!