Abacus Daily Debt News

Over 55s may end up with debt problems

The over 55s are worried about the increase in the cost of living, a newly-released report has discovered.

Some 64 per cent of those questioned said they are concerned about how much money they will require in order to enjoy a good standard of living, which could see some end up needing debt help.

With 61 per cent of respondents distressed about how they will afford unforeseen expenses of £500 or more, it highlights the seriousness of the situation.

Many consumers in this age bracket may be left in the position whereby the need debt consolidation in order to regain control of their economic situation.

Clive Bolton, 'at retirement' director for Aviva - the world's sixth-biggest insurance company - noted post-career life used to be seen as a time to relax and enjoy not having to work every day.

"When you consider … £16,296 would [give] an annual gross income of just £117 … you can understand why many over 55s are very worried about their finances," he added.

Posted by James Francis