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Pensioners `owe thousands in debt`

13/08/2007

Millions of retired Britons owe thousands of pounds in debt, according to new figures from Scottish Widows UK.

A study by the investment company reveals that one in five retired homeowners still has a mortgage, with an average debt of £38,000.

Additionally, the figures indicate that one in three respondents has carried over credit card or personal loan debt during the past three months, with the average outstanding balance equalling £5,900.

Ian Naismith, head of pensions market development at Scottish Widows, said that the findings show "a significant number of pensioners" are under financial pressure due to debt.

"It is important for those people who will be reaching retirement in the next few years and still have debt outstanding on their mortgage to consider how best to prepare themselves for the eventuality of having to juggle their debts on a reduced income when they stop working," he said.

Figures released by pensions minister Mike O`Brien recently showed that the income provided by occupational pension schemes fell in 2006.

Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according British reliance on gas for energy growing 06/01/2009 - New figures suggest that Britain’s dependence on natural gas is Small business seek cap on credit cards 06/01/2009 - Credit card interest rates should be capped to help small