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Britain's elderly 'facing a retirement of debt'

By Tom Farley, Wed 13 Aug 2008 - Published in Pensions

People in the UK aged 55 and over are currently £66 billion in the red, according to Key Retirement Solutions.

The group claims more than one in three people heading towards retirement owe money on credit cards, loans and overdrafts.

On average the amount of debt per head in £11,106.

Some 25 per cent of those questioned had outstanding loan payments, a fifth had credit card debts and three per cent had overdrafts.

Dean Mirfin, business development director at Key Retirement Solutions, said the costs of living for the elderly in the UK had risen in excess of the rate of inflation over the past ten years.

He stated: "It is more important than ever that consumers are aware of the dangers of approaching retirement with such large amounts of debt."

Meanwhile, a survey by Nationwide Building Society has revealed saving has become less of a priority for Brits in the current economic downturn.