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40% of people approaching retirement `saddled with debt`

16/02/2010

According to the first `Real Retirement` report from insurer Aviva, two fifths (40%) of people approaching retirement aren`t saving any money to help support themselves when they leave work, with many of these `pre-retirees` having considerable levels of debt, the Guardian reports.

The report, which reviews the financial situation of people in three stages - `pre-retirees` (55-64), `retiring` (65-74) and `long-term retired` (over 75), has shown that people in the 55-64 age group are, in general, `much worse off than people who have already reached state pension age`.

As the Guardian puts it, `the report paints a picture of a divided Britain with a growing gap between the super rich and the very poor, with more than one in five people struggling to survive on less than £750 a month and an increasing number entering retirement saddled with debts.`

More than 25% of 55-64-year-olds still have a mortgage, owing £52,535 on it on average, and one in five still owe more than £75,000 on their property.

For most people over the age of 55, non-mortgage debt is not a big concern, as the typical household has no outstanding credit card debts, loans or overdrafts. The mean unsecured debt in this particular age group is just £2,336, while those carrying the most debt are those who also have a mortgage.

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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