Twice as many women suffer credit crunch blues than men

20 November 2008 / by Rachael Stiles
Women are much more concerned than men when it comes to worrying about their finances during the credit crunch and impending recession, according to a survey carried out by

Almost half of women who were asked about their attitude to the economic climate said that they are concerned and uncertain about their financial security, compared to just a quarter of men.

And in terms of their projected financial situation in retirement, only about a quarter of women said that they feel confident, whereas more than half of men said they feel confident about retirement.

"As figures on economic growth and unemployment show that we are now heading into a recession it seems that women are taking this more seriously than men." said Rachel Lacey, a spokesperson for

"Research has shown that women are increasingly more likely to have the final say on financial decisions within the household and are perhaps therefore more aware of the current rising cost of living.

"There is a significant contrast between the sexes in the levels of concern felt about finances. Women remain less confident than men about having enough money in retirement.

"We know people are often unrealistic when it comes to pensions and retirement planning. The question is whether men are over confident about the future or are in a better position for their old age."

The research also revealed that half of Brits are concerned about the safety of their savings, in light of many fearing the loss of their deposits when their savings accounts provider collapsed, such as in the case of Icesave.

British men and women blame the current economic downturn on greed and the bonus culture which has helped to fuel it, followed by the failure of the regulators and Government.

The effects of the rising cost of living are being felt by 65 per cent of Brits, with more than this tightening their spending habits to lessen the impact and a third of women cutting back compared to just 16 per cent of men. More than half of Brits believe that things will get worse before they get better.

To counteract the effects of the credit crunch, recommends that consumers compare savings accounts to get the best returns on their investments while spreading the risk; they should prepare a household budget and look out for any ways in which they can cut back on outgoings.

Consumers struggling to keep up with bills, debts and mortgage payments should also make sure they face up to their problems and seek debt advice. income protection insurance should also be considered in the fact of rising unemployment, Ms Lacey urged.

© Fair Investment Company Ltd