Debt rising for the over-55s

Wed, 21 Sep 2011

Levels of debt for individuals in Britain over the age of 55 are on the increase, new research has found.

According to Aviva's latest Real Retirement Report, people in this demographic currently in arrears typically owe £20,001.

This amount is markedly up on the £17,112 recorded in May this year, while average debt for all of those over the age of 75 has swelled by £1,970 since this time.

Reasons for such an upturn may include unexpected bills, seasonal costs - such as holidays - and increases in daily living expenses.

Clive Bolton, at retirement director with Aviva - the sixth-largest insurance group in the world - said: "The over-55s have seen their finances deteriorate over the last quarter as people struggle to keep up with the rising cost of living on a relatively fixed income."

The industry figure noted this trend is epitomised by the fact 40 per cent of this age group are unable to save any money on a monthly basis.
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