Over-60s 'face severe money problems'

06/10/2009

Many UK over-60s are facing severe money problems and would benefit from easy debt repayment plans, a new report has shown.

EuroDebt studied its own client base for the research - and found that almost one in three people in the age group still owe money on their mortgages.

Moreover, the typical unsecured debt, including outstanding loans and card balances, held by clients aged over 60 came to around £28,000.
For couples, unsecured debts stood at around £40,000.

The findings come against a backdrop of job cuts up and down the UK, as firms look to reduce their costs in the recession.

Older workers who are made redundant might face a struggle to find new work, leaving them with incomes insufficient to meet their debt repayments.

Commenting, EuroDebt director Kevin Still said: "The analysis of our client base indicates a worrying trend, as more and more over 60s appear to be getting into serious debt, struggling to cope with the pressures of the recession."

He added: "The prospect of retirement should be a happy and relaxing time, after a lifetime of work. But our figures reflect that not only are some older workers going to stay on in their jobs for much longer, but for those forced to retire there are real concerns of managing their financial commitments."

Tags; Debt Management and Banking, Retirement Money Problems,

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