Money News
13th August 2008
Over-55s facing debt mountain
Millions of Britons aged over 55 are sleepwalking into retirement facing huge debts, it has been discovered.
In a study conducted by Key Retirment Solutions it was found that over one in three of people in this age range has debt to pay off.
The combined value of this stands at £66 billion - equating to each person owing £11,106.
This compares with just 31.8 per cent when the poll was conducted two years, when individuals owed an average of £10,181.
Dean Mirfin, business development director at Key Retirement Solutions, said: "As the cost of living is on the up, these figures, even if they are only part reflective of pensioners as a whole, are of real concern.
"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."
News of the findings comes at a time when pensioners are being hit hard by soaring inflation, due to the fact that they live on a fixed income.
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