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More pensioners 'struggling financially'

By Tom Farley, Wed 11 Jun 2008 - Published in Pensions

A third of Brits in or approaching retirement owe £207 billion in outstanding mortgage debt, according to Key Retirement Solutions.

The company states that this is an average debt of £37,316 per person.

A survey of over 4,500 people aged 55 or above revealed that the average amount of mortgage debt has risen by 20 per cent over the past year.

Chris Tapp from the charity Credit Action said: "We are concerned that the stresses on household budgets that everyone is facing, whether it be rising food costs or higher utility bills, affect pensioners to a greater degree."

The Consumer Credit Counselling Service reported that for the first time the over-60s have the highest levels of debt and are increasingly seeking help with financial problems.

According to Churchill Financial Planning pensioners will have to start relying on savings in their old age as pensions begin to offer smaller payouts.