Average Brit in debt ’till they’re 50

The average British consumer faces debt management concerns of one form or another until they reach the age of 50, according to recent research.

A typical British women becomes debt free at the age of 42, while for men this milestone is most commonly reached at the age of 52, figures compiled for the Your Money Matters exhibition demonstrate.

As a consequence of the financial pressures that now tend to be faced by consumers around the country, both men and women are delaying getting married and having children until their 30s, the research also indicated.

Holm-Kander, financial expert and host of Channel 4’s Your Money or Your Wife, commented: “As the cost of living continues to increase, we’re being forced to save through our 20s and delay the major milestones of life until our 30s.”

The overall personal debt burden of the UK increases by close to £5 million every five minutes, according to the latest data from Credit Action.