People in the UK could begin to fear retirement as new research shows that pensioners owe 234 per cent of their income.
Figures compiled by ClearDebt have revealed that the typical retiree has just under £25,000 worth of debt, which could be a “frightening prospect” for those approaching their post-employment years said the organisation’s marketing director Andrew Smith.
He remarked: “Retiring used to be a pastime we enjoyed and looked forward to after years of hard work. It’s very worrying to see that people are now retiring to a life of debt.”
According to a poll conducted by the organisation, despite financial difficulty one-quarter of over 65s believe they have the situation under control, with half reporting debt already been taken care of.
A spokesperson for Age Concern last week urged the government to do more to solve the problem of financial strife among UK pensioners after a European Commission report found that 33 per cent of retired Brits live below the poverty line.
By Francis Finch