Middle-aged women most likely to be in debt

Money advisers are seeing a trend towards middle-aged women in debt. Photo / iStock

Middle-aged, middle-class women desperate to 'keep up with the Joneses' in their shopping habits are more likely to be in debt than any other group, research has revealed.

A study of people with more than $12,000 of debt found that married, home-owning women aged between 40 and 49 were the most likely to have money problems.

Experts said women in their 40s were prone to rack up debts on store cards and credit cards, which can have high interest rates.

They warned that unlike poorer or younger debtors, women homeowners in their 40s are often allowed to take out more and more credit cards despite their debt spiralling because they are able to maintain good credit ratings.

The average debt of women in their 40s who asked financial advisors PayPlan for help was more than $91,500, compared to the average for all ages of $70,000.

One 43-year-old woman, named only as Janice, said she had turned to credit cards despite her healthy salary to fund a high-flying lifestyle in London, ending up with almost $50,000 of debt on five credit cards.

She said: "I'd transfer the balance of one to a 0 per cent interest card but then not cut up the original and continue using it.

"It was just too easy, it wasn't like using real money."

Money adviser Jane Clack said: "Debt affects all people regardless of gender and age but we are seeing a trend towards middle-aged, middle-class women."

Psychologist Mandy Rutter said many women enjoyed spending, but added: "This feeling of enjoyment has the potential to spiral out of control and become an unhealthy addiction."

- Daily Mail