COASTAL areas such as Weymouth and Portland are more vulnerable to economic shocks that can trigger insolvency, a solicitor has warned.

Trade body R3 found that the borough is among the top 10 hot spots for personal insolvency in the south west.

In 2018, 39.6 per 10,000 adults were forced into insolvency - the third highest rate in the entire region.

In stark contrast, east Dorset had the lowest insolvency rate last year at 16.4 per 10,000 adults.

Personal insolvency rates among people in the south west are the second highest in England and Wales, according to R3.

Between 2017 and 2018, the region's personal insolvency rate grew from 21.4 to 24.8 per 10,000 adults.

Philip Winterborne of R3’s south west committee, and insolvency and turnaround partner at Temple Bright solicitors, said: "The increase in the rate of personal insolvency in the south west is a sign that the economy overall is coming under strain.

"While entering a form of personal insolvency can often mean a fresh financial start for people, the growth in both numbers and rates in our region is cause for concern.

"Looking at the wider picture across England and Wales, it often tends to be coastal areas, and places affected by the retreat of industry, which have the highest personal insolvency rates – and many parts of the south west tick both those boxes.

"Places which depend on an influx of tourists in the summer months for income are reliant on the consumer pound, which has been in shorter supply of late. Additionally, the seasonal nature of tourism-related work makes it hard for many workers to build up savings to last them in leaner times, leaving them vulnerable to the type of economic shock that can often trigger insolvency."

Further research found that women in the south west had a higher rate of personal insolvency in 2018 than men (30.7 per 10,000 women against 27.1 per 10,000 men), mirroring the overall picture for England and Wales.

People aged 25-34 had the highest rate of any age group, at at 58.8 per 10,000 adults.