Retired Brits facing debt struggle

Wed, 28 Mar 2012

A high number of retired Brits are struggling with personal , a new study has shown.

According to figures from MGM Advantage, it was demonstrated that the average person no longer working currently owes £8,180, which equates to collective of £96.41 billion.

It was found that while retired women typically owe £7,350, this figure rises to £9,007 for men.

And while around 178,000 individuals enjoying their post-work years are in debts of more than £100,000, just more than 729,000 people have yet to settle arrears of between £25,000 and £100,000.

Aston Goodey, director of MGM Advantage - which was established as MGM Assurance in 1852 - described the figures as alarming.

Mr Goodey stated: "As the cost of living continues to put pressure on household finances, many retired people will feel under growing pressure to take on debt to fund everyday living."

He recommended older individuals approaching the end of their working days who are having trouble settling what they owe should shop around for the most favourable annuity rate to make the most of their earnings.
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