The average retired person has more than £8,000 of personal debt to repay - with the collective total for the country reaching £96bn, analysis has found.
Research from annuity provider MGM Advantage said the average level of personal debt for a retired man is about £9,007, and £7,350 for a female pensioner. The poll of 1261 retirees found about 178,000 owed more than £100,000, while just over 729,000 owe between £25,000 and £100,000. Just 57% of retirees are debt free. MGM Advantage director Aston Goodey said the figures were alarming. He added: "As the cost of living continues to put pressure on household finances, many retired people will feel under growing pressure to take on debt to fund everyday living." Goodey said the stat...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
