Research finds that men have more debt than women

New research has found that men have more debt than women.

The research by personal insolvency, lending and debt solutions software provider Aryza, indicated that currently, men have an average debt of £17,323 and women have an average debt of £14,712.

Those aged 60-69 have the highest level of average debt per person across the UK, standing at £21,975, closely followed by the over 70s, who have an average debt level of £20,785.

The research shows that the Western Isles in Scotland has the highest level of average personal debt, standing at £31,454. In England, Cleveland in Yorkshire had the highest, with a debt figure of £18,547. 

Martin Prigent, Aryza UK, said “It goes without saying that the UK is facing its most difficult time in decades, and many are struggling to manage their finances for the first time in their life. While many have been able to take advantage of the Government’s support schemes, such as the job retention scheme, payment breaks or mortgage holidays, as these initiatives come to an end we may see debt levels rise.”

 “This UK wide report is the first in a series of regular reports, designed to provide updates on the state of the nation’s finances and ensure the industry is taking action to support consumers.”