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August 8, 2019

City A.M. – The growing number of retirees in debt is a worrying problem for all generations

Most people aspire to a retirement that allows them to do things that they didn’t have chance to do while they were working. But this comes at a price.

 

Shrinking pension pots, coupled with the fact that retirees will be facing longer, more active retirements, means that debt is increasingly becoming an obstacle to consumers living their retirements to the fullest.

 

Our latest research – done in conjunction with the Centre for Economics and Business Research – found that over-55s will owe a total of £295bn by the end of this year, and that those over-65 will have accrued an average debt of £16,500 by 2029.

 

Some of this debt will be built up in retirement, but others will retire owing thousands. Indeed, 14 per cent of over-55s households still have a mortgage, while a worrying 23 per cent hold an interest-only product.

 

View the full article here.

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