ABOUT: A recent report by StepChange highlights the disproportionate impact of economic challenges, such as the COVID-19 pandemic and rising living costs, on women in the UK.
LINK: https://www.stepchange.org/policy-and-research/women-and-debt.aspx
Summary
The StepChange November 2023 report, "Unravelling Women's Debt Dilemma," delves into the financial difficulties faced by women in the UK. The study shows a rising trend of women seeking debt advice, with 64% of their clients in 2023 being women. Factors such as lower average income, higher childcare and essential living costs, and a significant gender pay gap contribute to this trend. Single mothers and women from minority ethnic backgrounds face particularly acute challenges.
Key Points and Ideas
64% of StepChange's clients in 2023 were women, up from 60% two years ago.
Women face lower incomes, higher expenditure levels, and are more likely to have negative budgets.
Childcare costs and the gender pay gap exacerbate financial challe...
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