Australia is reporting a surge in bankruptcies among young women eager to live the celebrity lifestyle:
The Daily Mail reports that a survey found women were ‘far more likely’ to spend irresponsibly than men as they try to emulate celebrities such as Victoria Beckham and Paris Hilton.
Last year 55 per cent of young bankrupts were female, up from 48 per cent five years ago.
In total, 1,560 women under 24 were declared bankrupt compared to 1,250 men in the same age group.
Bankruptcy rates in the U.S. reflect a similar phenomenon. A new study reveals that filing rates tend to be higher among people ages 25 to 29, with household incomes between $30,000 and $60,000.
With the recession in full swing and low-on-the-totem-pole jobs at risk, it’s more important than ever that young people understand their financial limits. (And spoiler alert: Even celebrities sometimes can’t afford their luxe lifestyles.)