New figures have shown that the number of insolvencies amongst women in the UK has soared in the past ten years, with credit cards being the main cause of debt problems.

The research by the Insolvency Service revealed that 40% of all bankruptcies are attributed to women, with 29,680 cases in 2009. This is a huge jump from the year 2000 when there were only 6,042 female bankruptcy cases.

According to the research younger women find it harder to manage their finances, with the majority of bankruptcy cases occurring in the 25-44 age group.

Graham Horne, the deputy chief executive at the Insolvency Service, said: "These figures show that more and more young women have levels of debt incurred through trying to maintain lifestyles that are unsustainable.

"It is critical that all young people are aware of the impact that irresponsible spending can have. Filing for bankruptcy or obtaining a debt relief order should be viewed as a last resort."

Nigel Millar, of accounting service Baker Tilly, added: "Females have much more control than they used to over their own finances; however, they are getting more credit and incurring the consequences."

The results of the study have prompted backlash from women’s rights groups who claim that women’s debt problems are attributable to unequal wages and the fact that women "earn less, own less and have lower earning potential" than men.

In addition to the increase in bankruptcies amongst women, it appears that they are also taking other measures to control their spiralling finances, including taking out Debt Relief Orders (DROs), a new form of insolvency introduced in 2009. 2009 figures show that 63% of DROs were awarded to women.