Many Brits will retire owing money

A recent report has shown how many Brits will retire whilst still owing a fair amount of money, and the data suggested that collectively Brits could retire with collective debts of around £66 billion. For the many that hoped their retirement would involve relaxing, seeing the world, spending time with loved ones, and not worrying about work or money this news comes as a blow, and reflects a worrying trend amongst those that are nearing retirement age.

One industry official from a debt charity group stated: ‘In recent years there has been a ‘buy now, worry about it later’ culture in the UK when it comes to borrowing, particularly on unsecured forms of credit. For many pensioners today these figures show it’s a case of ‘bought then, worrying about it now.’

Another official stated: ‘As the cost of living is on the up, these figures, even if they are only part reflective of pensioners as a whole, are of real concern. Retirement should be a time to enjoy yourself after all those years of hard work, yet one in 20 people in their 60s, 70s and 80s admit to constantly struggling to keep up with financial commitments or having fallen into arrears.

He added: ‘The cost of living for the elderly has surpassed inflation over the past decade therefore it is more important than ever that consumers are aware of the dangers of approaching retirement with such large amounts of debt.’

Figures also showed that over the last twelve months contributory pension payments from adults have halved, and this will make things more difficult for the pensioners of the future in the UK.