Concerns expressed over recession-hit older workers

07/10/2009

Britain's older workers are borrowing on cards and loans to meet essential costs in the recession, new analysis has suggested.

Joanne Garcia, head of credit cards at price comparison site Confused.com, said that many over-50s were rethinking their retirement plans as a result of the downturn.

The UK has been in recession since late 2008 and unemployment has climbed to a 14-year high.

Ongoing fallout from the global credit crunch has also made it more expensive to borrow on the high street.

Ms Garcia said: "Many [over-50s] may have had to turn to borrowing as a way to make ends meet."

She added: "Debt has become a way of life and not just for the young. As a result, many people in their 50s have accepted that they'll need to work far longer in order keep the wolf from the door and/or pay off the debts they are accumulating."

EuroDebt research released earlier this week also highlighted the severe debt problems facing Britain's elderly.

Analysis of clients aged over 60 revealed that the typical debtor owed £28,000 on unsecured loans and cards.

Meanwhile, one in three still had an outstanding mortgage loan.

Tags; Housing Debt and Bills, Retirement Money Problems,

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