Mar 26 2008
A new report has highlighted the growing financial pressures on British consumers as they approach retirement.
More and more people are having to deal with debt management problems even as they reach the state pension age, according to a study commissioned by Help the Aged in association with Barclays.
Furthermore, the debt burdens pensioners carry into retirement are currently an average of four times greater than was the case a decade ago, the latest figures have shown.
Many thousands of people are now using credit in order to meet their everyday expenses and are struggling to save for retirement, the report has suggested.
David Sinclair, head of policy at Help the Aged, said: "We know from working with older people suffering from chronic debt problems that even owing a relatively small amount of money can cause untold misery for those living on a fixed income."
Meanwhile, a recent report from Prudential indicated that many people saving for retirement in the UK are looking forward to ending their working lives so they can "put their feet up".
