Britons retire on high levels of debt, report finds

14/08/2008

Personal debt levels among retirees are on the rise, Key Retirement Solutions has suggested.

According to the firm, one in three equity release customers over the age of 55 have outstanding debts exceeding £11,000.

Even more disturbingly, one quarter still hold some form of high-interest unsecured debt - such as a personal loan.

Dean Mirfin, business development director at Key, commented: "Retirement should be a time to enjoy yourself after all those years of hard work, yet one in 20 people in their 60s, 70s and 80s admit to constantly struggling to keep up with financial commitments or having fallen into arrears.

"The cost of living for the elderly has surpassed inflation over the past decade; therefore, it is more important than ever that consumers are aware of the dangers of approaching retirement with such large amounts of debt."

Key's survey also found that one fifth of equity release customers over the age of 55 held over £8,300 in credit card debt.

Tags; Debt Management and Banking, Retirement Money Problems,

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