data from NatWest, given exclusively to The Independent, shows that millennials face particular financial
difficulties.
Almost one in five say money worries have affected their relationship with their partner. More than one in
10 say they feel too ashamed or guilty to look at their bank balance, while a third feel under pressure to
spend money on expensive holidays.
Their wellbeing suffers as a result, with 44 per cent admitting their mental health is hurt by money worries,
meaning they are more than twice as likely to suffer compared to the baby boomer generation.
But they are not the only generation to find themselves in difficulties.
Older women (and women in general)
The latest data from the government’s Insolvency Service shows there’s been a considerable spike in the
number of insolvencies among women aged 65 and over.
Analysis of the numbers carried out by the over-50s jobsite Rest Less revealed that in 2008 there were 1,109
women who were over 65 and in insolvency. By 2018 that had almost doubled to 2,082.
Insolvencies among men did not increase to the same extent, although there was a 29 per cent jump in
insolvencies among men over 65.
This suggests not only an age concern but also a gender concern. Across all age groups the overall
insolvency rate of women has rapidly overtaken the rate amongst men between 2008 and 2018.
And that is a big change. In 2008 the male insolvency rate was 56 per cent higher than that of women. By
2018 this had completely reversed and now the female rate of insolvency is 14 per cent higher than that of
men.
Stuart Lewis, founder of Rest Less, says the figures all point to significant underlying issues but he is
particularly concerned amongst women over 55, “many of whom are already at higher risk of finding
themselves in a financially precarious position: the over-55s are more likely to be made redundant, to be in
long-term unemployment and to face age discrimination in the recruitment process when applying for jobs.
“Women in their fifties and sixties are also more likely to have taken time out of the workplace and to have
caring responsibilities, whether for elder relatives, partners or grandchildren.
“Add to this, the wide gulf in private pension savings between men and women – due to 40 years of a
historical gender pay gap – and it’s no surprise to see why insolvencies amongst women over 65 are rising
faster than other groups.”
The north
The government may have plans to “level up” the north but those plans will take time to come to fruition.
Meanwhile, a recent study from the Joseph Rowntree Foundation showed that the north of England faces
particular struggles when it comes to securing and keeping paid work.
It showed that around 31 per cent of working-age adults in the northeast were not in paid work, which was
the highest percentage in the UK. That was followed by the northwest, where 27 per cent of working-age
adults were out of work.
“Weak local economies in some parts of the UK have led to higher unemployment than in the UK as a
whole. This needs to change to maintain progress,” concluded the report.
Single parents
Across the UK single parents face a particularly high risk of poverty compared to other households.