Almost One In Five To Retire In Debt This Year

The number of people in debt when they retire is falling – but those who do retire with outstanding debts owe on average more than £38,000, according to new figures from Prudential.

The company’sClass of 2012 research found that, despite the proportion of people retiring in debt falling from 20 per cent to 18 per cent, the average amount owed by retirees has increased by more than £5,000 from last year’s figure of £33,100, with many retirees looking to pay monthly repayments of £260.

The research also showed that that men retiring in debt this year will have to repay a significant amount more than women - £45,300, compared with £29,400 for women.

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