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Male homeowners struggling more than women

Male homeowners are finding it harder to keep up with their mortgage payments than female homeowners.

Of the 85,035 homeowners who sought our help with their debts in 2011, 21.3 percent had missed mortgage payments with 52 percent men and 48 percent female.

Although there is very little difference in the size of the mortgages, £135,000 for men compared to £128,000 for women, men have higher living expenses and have more unsecured debts.

The cause of the men’s problem is that their income doesn’t meet their day-to-day living expenses, including mortgage payments.

  • While the average female homeowner has a monthly budget surplus of £27, the average male homeowning client has a budget deficit of £3.

This disparity grows for clients with mortgage arrears as men in arrears have a monthly deficit of £249, compared to female, who have a monthly deficit of £193.

Further limiting their ability to manage their finances and keep their roofs over their head, male homeowning clients have higher unsecured debt than women:

  • £31,683 for men compared to £25,435 for women. 

The findings are surprising given that men generally earn more than women. The situation will be exacerbated by interest rate rises.

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Contact the the StepChange news team on:

Tel: 0207 391 4583

Mobile: 07507 880 478

Email: press@stepchange.org

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“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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© StepChange Debt Charity 2016