One in five will retire in debt this year

In a study of 8,676 UK non-retired adults, Prudential has found the average owed by people retiring with debts in 2013 has actually fallen since last year (£38,200 in 2011). Less of this year's retirees owe money on their mortgages. Last year, half of this year's retirees owed mortgage repayments. This has fallen to 43% this year. However, there is greater unsecured borrowing debt. More than half (56%) owe money on credit cards, while a fifth (21%) have outstanding bank loans and 19% have overdrafts - an increase from 13 % last year. Average monthly debt repayments have also fallen...