Abacus Daily Debt News

Older people are ‘more likely to get into debt’

People of an older age are increasingly likely to be feeling the pinch of the economic downturn, it has been suggested.

A spokesperson for the Consumer Credit Counselling Service noted that the organisation is now servicing more middle-aged individuals seeking debt management advice than previously.

He remarked: "One of the effects of the recession has been redundancies. Older people, perhaps, if they are made redundant will find trouble getting another job."

On the other hand, younger adults could benefit from being "web savvy", which enables to them to take advantage of internet-based recruitment practices, the source added.

Those in a lower age bracket are also more likely to have the ability to retrain for a different sector, he stated.

According to Friends Provident, a generational divide has been evident during the current economic climate, with older individuals taking a more pessimistic approach to the situation.

The Generation Recession Report found that more than one-third of 18 to 25-year-olds replied that they are not worried about the downturn.

By Francis Finch