Financial advice 'essential for retirees with debt'

By Sarah Engle, Mon 31 Jan 2011 - Published in Banking

People worried about entering retirement in debt need to seek personalised financial advice, an expert has claimed.

Last week, research by Prudential found that 21 per cent of people retiring in 2011 will hold some form of debts, with the average sum owed standing at Ł33,100.

The study also found that the most common forms of debt in retirement are mortgages and credit cards.

Commenting on the findings, Debt Advice Foundation managing director David Rodger suggested the level of post-retirement debt has started to increase because the first generation of credit card holders are starting to enter their golden years.

He added that people who retire but still owe money should seek advice on their exact circumstances, explaining: "No two circumstances are the same so it's important for people to get the advice that is right for them."

Mr Rodger claimed that impartial debt charities, such as his own organisation, are one of the best sources of advice for those with money worries.

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