25 March 2008
A new report from Barclays and Help the Aged has claimed that a growing number of people are reaching the age of retirement with debt burdens, possibly from personal loans.
The survey suggested that four times as many adults about to retire are in this situation than those of a similar age ten years ago, reports 24dash.com.
In 2005, it said, consumers in their late-50s and early-60s owed £3,000 and £2,000 on average, higher than the levels seen in 1995.
Head of Policy at Help the Aged David Sinclair stated that the trends are "worrying" and that there may be a "crisis" in the years ahead.
"We know from working with older people suffering from chronic debt problems that even owing a relatively small amount of money can cause untold misery for those living on a fixed income," he commented.
And in a bid to decrease these debt levels, the government should attempt to create a strategy that enables pensioners to deal with debt problems, his firm added.
Engage Mutual Assurance recently stated that British parents are putting more emphasis on financial advice when talking to their children.
© 2008 Adfero Ltd
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