(Australian Associated Press)
Men are more likely to struggle to pay their bills and go bankrupt, new data suggests.
Just over 29,000 Australians were declared personally insolvent in 2015, with 58 per cent of those being men.
Nearly two thirds of those men were bankrupt, data from the Australian Financial Security Authority shows.
Losing a job or income followed closely by over using credit were the main causes for both men and women declared insolvent.
Women were more likely than men to be vulnerable to debt following relationship breakdowns.
Wesley Mission Community legal services solicitor Jodie Rollason said family breakdown often left many people struggling with unmanageable debts.
She said those end up facing unmanageable debts often don’t know they can seek free help from services like Wesley Mission.
“They are not restricted to lower class, lower income people it’s quite broad and we do get a number of clients who simply can’t get by,” Ms Rollason told AAP.
Overall, the AFSA data showed that the total number of people entering insolvency had been falling since 2012.
However the number of people entering business-related personal insolvency has been increasing since 2008.
Economic reasons were the main cause of those insolvencies.
DEBT AND INSOLVENCY:
* 29,055 people insolvent in 2015, down 2.0pct on 2014
* 58pct were men
* 16pct of women insolvent due to relationship breakdowns, domestic issues