Increased levels of borrowing among consumers, coupled with fewer people saving for their retirement, could see the UK heading for mortgage debt management crisis, suggests Dean Mirfin, business development director at Key Retirement Solutions.
An average of £31,000 is owed by those people either in retirement or close to retirement age, a recent survey from the equity release company has demonstrated, according to a report from 24dash.
The news provider quotes associate director of charity Credit Action Chris Tapp as saying: “Unfortunately in this day and age, someone’s hair turning grey is not an indicator of their bank balance being any less in the red.”
“These findings demonstrate the very difficult situation a sizeable number of pensioners find themselves in, trying to cope with debt repayments as well as rising living costs,” he added.
Earlier this week, Citizens Advice moved to highlight the debt management woes of Britain’s former prisoners, many of whom it claimed are have been left “with no homes to go to and penniless”.