Women may be less likely to struggle with debt as an industry expert has said that members of the fairer sex are more efficient than men at budgeting.

Jasmine Birtles, founder of Moneymagpie.com, commented that females find it easier to look after their money because they are more accustomed to managing the family home.

She explained that women have to be financially organised out of necessity: “On the whole they are the ones dealing with day-to-day purchases, the supermarket shopping, shopping for the children, things for the home.”

Women understand that basic costs have to be met in order for the household to run smoothly and they take this into account when purchasing goods, she added.

Figures released by Lovemoney this week showed that females are more adept at keeping on top of monetary problems and are also less likely to build up debt through a loan or on a credit card.

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