IVA help may be needed for stay-at-home mums who rely on credit

An increasing number of women are putting their families over finances and not preparing for their future, a new survey shows, a situation which could require individual voluntary arrangement (IVA) advice.

The poll by Scottish Widows reveals that some females who have quit work to raise a family have not put enough cash to one side for them to enjoy further down the line.

You may recognise this problem if you are married with children. With one income coming into a home, you may have relied on personal loans and credit cards to pay for presents, holidays and other expenses.

And with the majority of your husband’s wage going on bills and other essential outgoings, there may be little cash left for unsecured debt, let alone savings. In this case, an IVA could prove to be of assistance.

An IVA can merge these unsecured debts into a more manageable, monthly repayment, which could help your household income stretch further and be more able to clear credit card and loan balances.

With a third of you in the UK having dependent-age children, juggling household bills with other financial commitments - and with only one wage to cover this - could soon become a problem.

"The many women who pause or stop working altogether because of childcare responsibilities are at a huge disadvantage when it comes to pension contributions," says Alison Morris, savings expert for Scottish Widows.

"Clearly, women need more flexible working practices to help them juggle their working lives alongside their childcare responsibilities - without these, they’ll continue to lag behind men when it comes to saving for the future," she adds.

If you have relied on credit cards and personal loans in the past to top up your husband’s household income and to ensure your loved ones do not go without, clearing these balances with an IVA could eventually allow you to start saving a little every month, which could strengthen your financial position for the future.