Retirees ‘facing financial woe’

As debt management problems increase for consumers around the country, a new report has predicted that millions of Britons will face serious financial difficulties during retirement.

Figures from Aegon suggest that a full 22 million people in the UK can expect to face poverty when they retire and only 37 per cent of British consumers feel they have enough financial security to be comfortable in later life.

Moreover, close 9.6 million adults around the country currently have no long-term savings plan or active pension scheme to provide for their retirement, according to the latest research.

Malcolm Flanders, director of individual pensions at Aegon, said: “The fact is a large swathe of the UK population risks being financially impoverished in retirement.

“Our survey suggests that many people are still expecting to rely solely on state benefits, or are gambling on the prospect of their children taking care of them.”

Data compiled recently by Scottish Widows shows that there are more than one million retirees in the UK still dealing with debt management issues.