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Glam-Girls Are Making Young Women Bankrupt
A recent study revealed that young women, who follow luxury lifestyles of celebrities like Paris Hilton or Victoria Beckham, are playing a major role in increasing the rate of female bankruptcies in Britain. The extravagant life style that they try to adapt, influenced by the celebrity life style, has put them in soup many a times. The study has revealed that a large number of young women are under debt because they buy designer clothes and accessories to display.
The research, which has been the work of accountancy firm, Wilkins Kennedy, has been based on figures that show that the majority of bankrupts under 24 are now female. Hence, it can be concludes that women succumb to the temptation for spending sprees as a reflection to their independence.
In the years gone, there has been an increases in the number of young bankrupts female. Last year it was 55 per cent, and five years before last year, it was 48 per sent. Figures show that, overall, 1,560 women under 24 were declared bankrupt in comparison to 1,250 men in the same age group.
What remains to be a greater worry is the research, which is based on data from The Insolvency Service, found that young women were keener than young men to show off their independence by renting or owning their own flat. "Five years ago it tended to be young men who got out of their financial depth, but now it is far more likely to be young women who spend irresponsibly," the Telegraph quoted Anthony Cork of Wilkins Kennedy, as telling the Daily Mail. Wilkins showed a lot of concern for the growing gaps between the two genders. He confesses, "The gap between the genders seems to be growing". He adds: "Over the last decade, the pressure on young women to follow the lavish lifestyle of female celebrities has grown immensely."
Wilkins, however, blames celebrities like Victoria and Paris Hilton, whom he believes to have infected the younger generation. "In all seriousness, we are told that Paris Hilton and Victoria Beckham are role models to be followed. The growing availability of credit has meant that for the status-conscious, who want to exhibit the trappings of success, designer clothes and jewellery seem misleadingly achievable," concludes the man with a frowning face.
If one goes by the figures, then, last year alone, some 67,500 people went personally bankrupt in England and Wales, and increase of 89 per cent over the past five years. Wilkins Kennedy, quite pragmatically, explains that, those over the age of 45 are the most likely to go bankrupt, as their ability to manage debt is compromised because of falling house prices and rising unemployment.
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