Men Less Likely To Seek Debt Advice Than Women

New research shows that men are less likely than women to deal with a debt problem and seek debt advice.

A whole range of psychological and sociological factors are at play and making men less likely to seek debt advice than women. These are the findings from research by leading debt advice charity the Money Advice Trust.

Reasons men are reluctant to seek help with their debt problems include

• Gendered divisions of ‘financial labour’ within the family in which this was seen as part of the woman’s role
• Over-optimistic assessments of prospects for improving the situation
• Lack of awareness, understanding and inaccurate perceptions of what advice services offer
• Confusion about not-for-profit debt advice organisations and commercial debt consolidation services, combined with a marked preference for the former and a marked distrust of the latter
• Lack of self-confidence and the social skills perceived to be necessary to access services
• A powerful need to see themselves as in control of their finances and able to ‘do it themselves’ in relation to managing problematic debt

“Our anecdotal evidence was that men might require a little more of a push to seek help in dealing with a debt problem and this research helps us to understand what might be behind this” commented Joanna Elson OBE, Chief Executive of the Money Advice Trust.

She added “At MAT we have already made steps to encourage men to seek advice. In November last year we launched My Money Steps, an online debt advice service.

Our research suggested online tools might be particularly useful for men who are more likely to feel the need to ‘help themselves’ and to re-gain a measure of control of their finances. We are encouraged that those who had received advice from a not-for-profit organisation reported on their experiences positively.”

Anyone with concerns about their finances should call National Debtline on 0808 808 4000, visit www.mymoneysteps.org or contact CCCS or a local Citizens Advice Bureaux for free, independent and confidential advice.