Abbey highlights “retirement timebomb”

Around 4.5 million Brits aged 55 or over have not made financial plans for their forthcoming retirement and many of these consumers could face debt management troubles as a result, research from Abbey Savings suggests.

In addition, finding a debt solution could prove even more troublesome for the two million or so Brits aged over 55 who reportedly have given no thought whatever to forming a retirement plan.

Reza Attar-Zadeh, head of savings at Abbey, said: “This research shows the potential retirement time bomb that the 50-plus generation are facing.”

Last month, research from the Consumer Credit Counselling Service revealed that debt management problems increased more quickly for Brits aged over 60 than for any other age range around the country during 2006.