1 in 5 Will Enter Retirement With Serious Debts

New research from Prudential shows one in five people retiring this year will have an average debt level of £33,100, a worrying prospect for many who’s income will fall considerably as a result.  The Prudential report also revealed that 1 in 20 will have debts in excess of £50,000.  This increases to 1 in 10 for men over 65 years of age. 

The findings support research recently carried out by Debt Advice Foundation that showed insolvencies are growing fastest amongst the 65 and over age group.  The trend analysis indicates that the problem is only going to get worse as generational differences in credit engagement become more pronounced.

Vince Smith-Hughes of Prudential said: “Total consumer debt in the UK has more than doubled since 2000 and a large number of people planning to retire this year are now faced with spending a significant part of their retirement income meeting these debt repayments”

To read the full report click here.