More women eating up business opportunities despite bingeing on debt

WEDNESDAY, DECEMBER 06, 2006

Numbers of female-owned businesses rose to 38,100 in the first half of 2006 due to increased opportunities. However, an ICM report shows women with consistently higher levels of debt than men.

Female-owned small businesses are on the up according to Barclays.

In its report, released on October 23rd, the bank showed women started 38,100 businesses in the first half of 2006, a rise of nine per cent from the same period in 2005.

John Davis, marketing director for Barclays Local Business, said: "Start-ups remain buoyant this year and it's clear that in many areas women are taking the lead and demonstrating how much they can contribute towards the business sector, and the UK economy as a whole."

"There are fewer barriers to entry for women and they are taking advantage. In many areas, women are taking the lead and demonstrating how much they can contribute to the UK economy," he added.

Research also showed growth of women starting businesses outweighed men in London, Yorkshire and the east Midlands.

Across England and Wales, the number of businesses set up by both sexes in the first half of the year increased to 205,000 – a ten per cent rise on the same period in 2005.

However, a survey by research company ICM showed that women are "bingeing on debt" – reported UK Personal Loan Store on October 30th.

According to the research, the attitude of many women towards their debt situation is as dangerous as those suffering from binge drinking or eating.

The report showed British women owed an average £8,219 in unsecured debt, whereas the average man owed £3,436.

Women had higher levels of personal credit card and loan debt than men.

Although the report revealed the reasons for this higher debt were varied, it indicated women were trying to make repayments with marginally or significantly less earnings then men.