The number of insolvencies among women aged 65 and over increased from 1,109 in 2008 to 2,082 in 2018 – an increase of 88% – according to new analysis of data from the government’s Insolvency Service.

Insolvencies jumped for every age group over the same decade but the increase was biggest in the over-65s, followed by women aged 45-54 (69%), according to the analysis by Rest Less, a jobs, volunteering and advice site for the over-50s.

Insolvencies among men, however, did not increase across the board in the same way. The only increases were among men aged 65 and above (29%). In the other age groups the rate fell: 35-44 year olds (-23%), 55-64 year olds (-11%) and 45-54 year olds (-10%).

Across all age groups, the overall insolvency rate of women has rapidly overtaken the rate among men. In 2008 the male insolvency rate was 56% higher than that of women but by 2018, this had reversed with the female rate of insolvency 14% higher than that of men.

Kate was 62 when she was forced to declare herself insolvent in 2018, owing £25,000. “I was devastated that, after years of always maintaining my debts, I found myself in the one position I had tried to prevent happening. To find myself, at the age of 62, having no choices available [except bankruptcy] was just soul-destroying. Being female just added to my feeling of worthlessness.”

Kate’s husband had a stroke in December 2009. Because she was in full-time employment, she was unable to claim any help with rent or council tax. When her husband died in 2018, her debts became unsustainable.

“I have always had credit cards and had never missed a repayment but I was struggling to meet my financial commitments. Going bankrupt was the only way forward,” she said. “The thought filled me with absolute despair but there was no other way out.

“Emotionally I hide how I feel to others,” she added. “Truthfully, I am very sad and as a woman and of my age, I find it even harder as I feel I am hiding a terrible secret.”

Stuart Lewis, founder of Rest Less, said the rapidly increasing rate of insolvency among all women is “cause for concern” but is particularly concerning among women over 55, “many of whom are already at higher risk of finding themselves in a financially precarious position”.

“The over-55s are more likely to be made redundant, to be in long-term unemployment and to face age discrimination in the recruitment process when applying for jobs,” he said. “Women in their 50s and 60s are also more likely to have taken time out of the workplace and to have caring responsibilities, whether for elder relatives, partners or grandchildren.

“Add to this, the wide gulf in private pension savings between men and women – due to 40 years of a historical gender pay gap – and it’s no surprise to see why insolvencies among women over 65 are rising faster than other groups,” he said.

Mark Sands, chair of the Personal Insolvency Committee at R3, the insolvency trade body, said the statistics suggest women are seeking help for debt problems instead of letting the cycle continue.

“These new statistics show that women account for two thirds of those applying for Debt Relief Orders, introduced a decade ago to offer a cost-effective, easily-accessible way out for those under £20,000 in debt and have few, if any assets,” he said.

Sands also said women reaching retirement are likely to be more vulnerable to insolvency than any other group. “Women of that age are least likely to have a workplace pension. They’ll be relying entirely on the state pension which isn’t enough to continue to make any debt repayments they’ve been making.”