The cost of living crisis has dominated the headlines – and our lives – for almost two years. With the price of everyday goods still rising, rents and mortgages climbing to unsustainable rates, and energy bills recently at an all-time high, people are struggling across the country. But what is often overlooked is how many of the financial pressures brought on by the rise in the cost of living and the increasing prevalence of debt disproportionately affect women.

I recently took part in some call listening with one of our debt advisors and heard from a young woman named Megan*. Megan was working a full-time job, paying off a car loan and earning just enough to make ends meet. But after a sudden change in her housing situation and with little in the way of savings to fall back on, she began relying on credit for everyday essentials, leaving her in a spiral of unaffordable payments that ended up with her in problem debt. For Megan, it’s no longer just these credit commitments that are causing her stress and worry, but the cost of petrol, food and rent, all of which she has seen increase significantly.

Despite this, at StepChange we do all we can to support people. We go through clients’ personal budgets in minute detail, making savings where possible, and supporting in any way we can. Our trained advisors are there to support when needed.

But for all our efforts to help our clients make savings, we are finding that women have a much harder time cutting back. They are significantly more likely to spend a higher amount on essentials like food, energy bills and childcare, and on average have notably lower incomes than men. Most strikingly, among our clients, women are, on average, £30 short on making ends meet each month, as opposed to men who, on average, have a surplus of £40 at the end of each month.

This is not just professional but personal. I have firsthand experience of problem debt and the impact it can have on your life – and the disproportionate impact it has on women. In my late teens and early 20s, I grappled with debt and experienced how a life shock can throw your finances out of kilter and into a debt spiral, which can often seem impossible to escape from. This is why I am so passionate about working to support women in similar positions.

Of course, not all women’s experiences are the same, and there are many factors contributing to some being more vulnerable to debt than others. It’s clear that childcare commitments and caregiving responsibilities can weigh heavily on women’s finances, to the point where too many are facing severe financial hardship. These responsibilities, borne disproportionately by women, mean they’re more likely to be in part-time work, have employment gaps and can subsequently struggle to make ends meet. Given this, a ‘one size fits all’ approach to this crisis is clearly not the solution.

While the government’s cost of living response has gone some way to mitigate the impact of inflation, it hasn’t gone far enough to help women with low to middle incomes meet the rising cost of essentials. To prevent debt from being a constant reality for women up and down the UK, there must be sustained and effective action from policymakers to level the playing field when it comes to financial security.

Vikki Brownridge is the CEO of StepChange, a charity offering free, impartial and confidential debt advice and solutions. If you’re struggling with debt, support is available 24 hours a day. Please go to www.stepchange.org for help.

*Name has been changed.

Images: Getty