According to AA Savings, a third of people are concerned how they will cope financially while 15 per cent said they are “worried they won’t be able to make ends meet”.
“Retirement used to be an occasion of celebration and freedom from debt,” commented Lloyd East, general manager of AA Savings. “But today the opposite seems to be true. Financial worries mean people expect to work longer, especially those on average or lower incomes.”
His comments are backed up by several other studies which show that today’s pensioners are either taking on extra work or living on their overdraft to get by.
Such is the concern about debt that a quarter of those earning under £30,000 said that they were in “despair” over their future.