Aug 13 2008
Research released by a retirement planning company has found people are heading towards debt rather than saving for retirement.
More than a third of British people over the age of 55 are approaching retirement in the red, with £66 billion worth of unsecured debts collectively, Key Retirement Solutions has said.
A quarter of those questioned had outstanding personal loan payments, a fifth had credit card debts and three per cent are into their overdrafts, the study showed.
The findings were based on 4,507 British people over 55 who have released equity on their homes, but even results from just this group were worrying, according to the company's business development director, Dean Mirfin.
"It is more important than ever that consumers are aware of the dangers of approaching retirement with such large amounts of debt," he said.
Mr Mirfin added that retirement years "should be a time to enjoy yourself" but many people are finding getting by difficult.
In related news, Fair Investment has said 87 per cent of people believe they were mis-sold endowment policies and are now left with a shortfall.
