UK Pensioners Suffering Loan Difficulties

Mon, 18 Aug 2008

The UK’s elder generation are finding it increasingly difficult to manage their finances and as a result face mounting loan repayments and increasing debt, new research has revealed.

The figures released by Key Retirement Solutions showed that a significant proportion of Britons aged over 55 have some form of debt – usually a loan or credit card repayments - which is affecting their everyday lifestyle.

The study also revealed that difficulties with loans mostly affect those within the 55-59 age group, while those over the age of 70 suffer the least.

Commenting on the findings, Key Retirement Solutions business development director, Dean Mirfin, said the figures are a cause for real concern given the escalating costs of everyday living.

"Retirement should be a time to enjoy yourself after all those years of hard work, yet one in 20 people in their 60s, 70s and 80s admit to constantly struggling to keep up with financial commitments or having fallen into arrears," he said.

"The cost of living for the elderly has surpassed inflation over the past decade therefore it is more important than ever that consumers are aware of the dangers of approaching retirement with such large amounts of debt ."
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