Research on the spending patterns of Britain’s women has revealed that they may be storing debt management issues for the future by continuing spending.
The study, by Post Office Financial Services, found that millions of women are secretly borrowing money from relatives to maintain their spending habits, as they try to uphold their image and avoid potential redundancy.
They also found that spending on clothes, gym memberships and holidays has recovered over the past six months and is now higher than before the credit crunch.
Ivan Cooper, Chairman of leading debt management organisation Chiltern, said: “If people are having to borrow money simply to maintain a frivolous lifestyle that otherwise they couldn’t afford, then they are clearly living beyond their means.
“This kind of spending could result in serious debt problems developing, as each month takes them further into the red. When the credit runs out, there could be a huge amount of debt to repay – along with all of the interest and charges that this brings.
“Anyone who spends in this way could benefit from debt management help, to avoid the threat of bankruptcy that overstretched finances brings.”