The study by the Centre for the Modern Family, funded by Scottish Widows, showed that the downturn is having more of an impact on women than on their male counterparts.
In a survey of 1500 people, researchers found that women were feeling more adversely affected. Of those who took part, nearly half of women said they were trying to cope with financial difficulties compared to just a third of men. And 18% of women said they had experienced problems with unemployment, with just 14% of men agreeing.
Analysts say the economic downturn has hit women harder because the availability of part time jobs – upon which many mothers rely – has dwindled. This makes it far more difficult to find work to fit around the family, but without a second income, it can be impossible to scrape by.
Women are also more likely to carry out the shopping and sort out the family finances, so many have noticed the increased costs more than their partners.
One in four women admitted she has sold possessions online to try and drum up a bit more cash, whilst slightly less (23%) said they had been forced to borrow money from family members.
One of the experts on the think-tank panel, Liz Fraser, says that it is well-known that woman are ‘more likely’ to take on the responsibility for worrying about financial issues. And she described many women as the ‘emotional linchpin’ for the whole family, which can make it difficult for everyone if the woman is having a tough time.
A fellow panel member, James Daley and the Which? Money editor, said women should not be embarrassed about borrowing money from family members if necessary, or even asking for help with childcare, so work can be found.