Over 55s may face Christmas debt

Wed, 30 Nov 2011

The festive period could see an increase in the number of over-55s having to deal with mounting debt problems.

New research from Aviva has shown there are many forgotten financial pressures placed on this demographic at Christmas, with half of those aged 55 or over admitting they find yuletide a financially stressful period.

In addition, the study showed 46 per cent believe the costs involved at this time of year to be a strain.

Furthermore, two-in-five of those polled claimed debt worries are serving to take the enjoyment out of Christmas celebrations.

Clive Bolton, 'at retirement' director at Aviva - which has a history stretching back over 300 years - noted many grandparents do not wish to hold back when spending on their loved ones at Christmas.

The industry figure added: "It is also worth bearing in mind that this time of year can bring its own financial pressures for many older relations, who are often on a fixed income."

Such is the concern about the expense of the holiday season, that 20 per cent of older people start worrying about it by the end of the summer.
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