Older People In Debt In 2008

Writing by Paul on Friday 13 June 2008

Help the Aged Report “Debt and Older People”

Older People In Debt - Rising Debts & Household Bills
A report commissioned by Help the Aged has indicated that some older people in debt are struggling to meet their financial commitments in the same way as their younger, debt stricken counterparts during these tumultuous financial times.

Four times higher than 10 years ago

And although the levels of unsecured debt per person gradually decreases with age, it states that for those between 60 and 65, there has been an increase in debt following retirement. Indeed, for older people in debt in their late 50s or early 60s, the level of unsecured debt in 2005 was four times higher than for the same age group in 1995, ten years earlier.

Working past retirement

The report also suggests that older people in debt (mainly taking out unsecured credit) following retirement are more likely to continue working to help meet their financial commitments. Whilst the report suggests that anti-poverty measures put in place by the UK Government, such as the Pension Credit, have helped to reduce financial stress for older people in debt, it still recognises that there is no room for complacency. For those older people in debt who need to continue to work after their retirement to help pay the ever increasing cost of household fuel bills, food shopping and petrol, there are still financial insecurities that cause concern.

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