Meanwhile, research from Scottish Widows shows that when it comes to financial intelligence more men rate themselves as savvy than women.
Unfortunately, a separate report by the Consumer Credit Counselling Service reveals that an increasing number of men are seeking help with their debt.
Thus while one report maintains that 48% of men rate their financial nouse as good or excellent the CCCS research shows that in 2007 44% of clients were men with debt problems, rising to 48% in 2009.
Perhaps men aren’t as savvy as they think but gender issues apart the CCCS report makes depressing reading. Traditionally the trigger figure for overindebtedness was more than 20 times net monthly income. In 2009 nearly three in four CCCS clients fell outside this, owing less than 20 times their pay.
The highest proportion of clients coming for help are now ’can’t pays’ in the grip of the new penury. Nearly one in three clients don’t have the budget for a repayment plan, nor are they qualified for any kind of insolvency.