Facing retirement in debt

People facing retirement in the next ten years are struggling to clear their debts and save, according to research from insurance and pension company Aviva’s Real Retirement Report.

Forty per cent of those in the 55-64 age bracket are not able to save regularly – and for those who can put money away each month, the average amount has dropped by 15 per cent from £39 t0 £33.

 The average amount of money this age group has stashed away in savings has dropped by 22 per cent, to £9.653.  And one in five of them – almost 1.5m people – have no savings or investments at all.   

Characterised in the report as pre-retirees, those in this group with unsecured debts owe just over £21,000. 

Typical incomes have fallen by 2 per cent in the past three years, while monthly expenditure has gone up by 14 per cent since 2011. 

To read more on this story, and to see the full report, click here.