One in four people ‘reaching pension age in debt’

As many as one in four people around the UK are reaching the state pension age while still having debt management problems to worry about, according to recent research.

Figures compiled as part of a Barclays and Help the Aged report have shown that more and more retirement-age Britons are struggling to meet their everyday expenses because of the costs of servicing their consumer debts.

The report also revealed that people who have debts when they reach retirement age now typically owe as much as four times more than those who were in the same situation ten years ago.

David Sinclair, head of policy at Help the Aged, said: “This report shows that there are some worrying trends in credit usage that could represent a debt crisis for those coming up to retirement.”

Meanwhile, a recent report from Fool.co.uk suggested that an increasing number of people around the UK are aiming to tighten their belts in an effort to become debt free.