Older Britons 'facing debt mountain as retirement looms'
Older Britons 'facing debt mountain as retirement looms'
Wednesday 13th August 2008
Research conducted by Key Retirement Solutions found that more than one in three of the UK population over the age of 55 have outstanding unsecured debts.
This equates to an average combined loan, overdraft and credit card debt of £11,106 per head.
Dean Mirfin, business development director at the company, said: "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."
Official figures released yesterday show that UK inflation hit 4.4 per cent during July, with pensioners likely to be hit hardest by rising prices due to the fact that they are on fixed incomes.
The research covers those aged 55 or over who took out an equity release plan with Key over the course of 2007.
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