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Britons approach retirement with heavy debts
18 August 2008 11:00
A substantial number of older Britons are set to spend their retirements worrying about the large amounts of money they owe rather than relaxing, according to a new survey.
More than one in three over-55s still have unsecured debts outstanding, Key retirement Solutions' poll found, at an average of £11,106 per head, not to mention the average of £37,316 that they also still owe on their mortgages.
Breaking this data down reveals that nearly one in four over-55s have yet to pay off personal loans, typically owing £8,766 per head, while another one in five owe an average of £8,358 on their credit cards.
Furthermore, people seem to be getting further into debt as they get older, with Britons in their 70s facing more than eight times the amount of total unsecured debt that those aged between 55 and 59 do.
Key retirement Solutions' business development director Dean Mirfin said this data was particularly concerning in light of the rapidly rising cost of living for elderly people and stressed the importance of not going into retirement with extreme levels of debt.
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