Insolvency amongst over-65s rising faster than any other age group

Insolvency amongst the over-65s is growing faster than for any other age group, figures from the Insolvency Service show.

From 2006 to 2011, the number of insolvencies in this age group increased by more than 100 per cent, according to calculations by accountants Wilkins Kennedy.  Low levels of interest rates on savings, coupled with rising costs caused by above-target inflation, are blamed for the increasing plight of many living on pensions. 

A man retiring now at 65 with a pension pot of £100,000 to buy an annuity will receive a pension of just a third of what it would have been 20 years ago. 

And to add to the financial pressures on pensioners, their families are turning increasingly to them for help with their own debts.

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