One in five UK pensioners have debts of £33,000


Figures have revealed that one in five UK pensioners are entering retirement still weighed down by thousands of pounds of debt.

A survey by insurance firm Prudential has announced the findings of a recent survey that looked into the debt levels of ageing citizens. The results show that many have not successfully paid off debts amassed throughout their lives.

Poor financial planning and an ever increasing cost of living in the UK have been attributed to the lengthy periods of debt. Ironically, the Government's national debt is one of the main reasons people are feeling the pinch.

Michelle Mitchell, charity director at Age UK, said: “At Age UK we are aware of a growing number of reports from our local partners of people reaching retirement with high levels of debt. This is an alarming trend and could see a rise in people struggling to make ends meet throughout their retirement.”

It is also thought that bad planning has left people who planned to retire early without the necessary funds they would need to do so.

It is important that all people examine all their options and plan sensibly for their retirement. To learn more visit our Pensions and Retirement Planning section or get in touch with a recommend IFA.