Just 5 year ago, the gender ratio amongst bankrupts was, if you would, intuitive, i.e. there were more male bankrupts than female bankrupts (43.8%). Today, females make up 55% of bankrupts in the UK, and increasingly, younger females (below age of 24) join the bankrupted ranks.

Why?

When I first told some guys about this statistic, they thought it's because females make lousy business decisions leading to business failure and bankruptcy.

Before the feminist in you start getting worked up about the 'sexist' perspective those guys have, take a step back. At least those guys assumed that those females became bankrupts due to attempts at running a business.

The reality, however, is far worse than the abovementioned 'sexist' remarks. This growing group of female bankrupts are in financial trouble because of their desire to lead a certain lifestyle. The straw that broke their pretty consuming backs is made up of credit card bills and property rent/mortgage installments.

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THE SINGAPOREAN SITUATION

In my 8 years of working in different organisations in the public and private sectors and more years of hanging around in various scenes, I've always been amazed by how many expensive items (multiple holidays, luxury goods (bags, watches, cars, electronic products etc) and services (spa/salon treatments, meals, clubbing etc), propert(ies) etc) an individual can consume, especially when the size of his/her pay check is not a mystery. Apart from those few who have wealthy connections (e.g. family, partner etc), everyone else's consumption power remains very mysterious to me.

If we take the UK female's ambitions, i.e. live well (e.g. like the celebs), and superimpose that on the Singaporean female, the only difference is that the renting culture is not common. If rent was supposed to cost the female about an extra SGD1,000 - SGD3,000, it just means she can buy at least half a handbag more per month. That makes at least 6 handbags per year. Or perhaps... a pair of diamond ear studs? As credit card companies and jewellers like to say coaxingly to females, "You are Woman. You are strong. You reward yourself. You deserve it. Pamper yourself."

I'm not for a moment saying that males do not suffer from this psychosis. This is not a modern malaise, but a current disease. The disgenerative condition renders one in a miserable downwards spiral. The festering of the wounds is rancid. In fact, some male 'friends' I know have approached me for a 'bridging loan' for their credit card bills, loans etc. A guy, regardless of looks and education, feels the need to be equipped with a (fancy) car to get the girl.

I think the disease is more deadly for females because there is a lot more goods and services targeted at females. My take is that males are conditioned to think that they need certain types of products and services. They end up buying fewer but big-ticket items. Usually, a lot more research/mulling is carried out before the purchase. This is not to say the purchasing decision is rational per se, because we all know it's very easy to kid oneself. It merely means male purchases happen less often.

On the other hand, females are conditioned to buy many versions of the same item. The cost of these items ranges. Shoes, handbags, accessories, nail colour, hairdo etc. Such repetitive action of buying takes on a life of its own. It becomes a ritual. Any disruption will lead to emotional discomfort. "I didn't spend a lot today! I merely bought 50 items at SGD20 each! I'm not materialistic. I didn't buy anything branded! In fact, I think I am a savvy shopper!"

Of course, these gender behaviour types can be pretty 'porous', i.e. it's possible for a male to be shopaholic and/or a female to only buy big ticket items, and/or the most deadly combination of all, i.e. to be a shopaholic who fancies big ticket items. O_o But the point of this discussion is to focus on what's the majority of any group is doing.

I think the root problem is neither the invention of the credit card, nor sophisticated advertising, nor everyone's favourite -- social pressure (Everyone is doing it, so why shouldn't I?). I remember a fellow female peer telling me that if the bank is willing to give you a loan quantum of SGD100, you should use it to the max because "the bank will not give you such a good loan when you get older." And this particular female works in a bank.

I think the root problem is 'alienation of the individual'.
We live in a complex system. There are formal and informal rules for everything. To get anywhere or do anything, one needs to be 'qualified'. To get a desk job, one needs to graduate from some school, put together a resume, put on some clothes, neaten visible hair, apply some colours on the face and convince the interviewer. To get a girlfriend, one needs to accumulate some cash/credit, put on some fancy clothes, enhance visible hair, buy/borrow a car, and convince the potential candidate. We are used to and accept this process. Some outcomes are more considered by the individual to be more desirable for various reasons (personal preferences, what he thinks others think etc), so sometimes one is more willing to try at something than the next.

However, because regardless of one's motivation, one's ability is limited. Not to mention to challenge Lady Luck. One's list could have started off long and complex. But 'harsh reality' reduces that list. Some outcomes are easier to achieve than others. Many dreams on the list becomes obviously difficult to achieve, even if one was brought up to believe that he was fully qualified for those dreams. "FWAH!! Ah Girl/Boy! You are so smart, you know! You did so well for PSLE/Os/As/went to University/in this and that. You can do anything you wish! So smart! Bright future awaits!"

Gradually, the dreamy/'impractical' items are removed from the list. Sometimes these are replaced with more 'realistic' items. Sometimes, the list just gets shorter. At some point, one realises that his list looks just like anyone else's. Graduate from university, get a desk job, marry someone, get a home mortgage, get a renovation loan, get a car loan, have the kid(s) etc. On top of dealing with his inability to ability to achieve his initial dreams, he now has to deal with being 'average', which in our culture is not acceptable. One is alienated from oneself.

What about having a short but radically different list then?
Somehow, the curious phenomenon is that one prefers to be different by having more than the average person, and not be different by having a lot less. Hence, if having a handbag is the norm, I want a bigger, more expensive and branded one in limited edition so that I am visibly different from the rest of the plebians walking around with the same shite. So goes for cars, wedding dress, dinner, education... (A 'friend' I thought I had was excited and chummy with me, sharing about how her husband and her were going to Cambridge for their masters together, until I told her that 'Good Fren' and I were gonna do the same.) Because of the competition, one is also alienated from others.

This brings us back to the start of this entry. Female bankrupts on the rise in the UK. The Singaporean situation is not too different. Except that being a bankrupt in Singapore is probably more frowned upon. Though this is unlikely to discourage Singaporean females from irresponsible consumption significantly. Instead, it may push those in debt/need to spend, to pursue alternative ways to secure the same outcome.

Females are more vulnerable in this consumption game.
This is the bigger gender discrimination movement ever since feet-binding and bra-burning. And for most parts, it's self-inflicted.

While it sounds 'correct' to be campaigning for battered wives, rape victims and about youth sex, I think that genre of feminist movement is outdated. With such a widespread consumption disease festering amidst the female population, doesn't it make more sense for feminist organisations devote to their resources to mitigating this so that more females can be helped? Just because it's a common problem everyone' is experiencing, doesn't make it 'ok'.
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Because of the abovementioned issues, I found out that polyclinics provide counselling (psychologists) at affordable rates. If you are able to get off your ass and make it to the polyclinic for the counselling session, it's half the battle won against the disease.