For free debt advice from Debt Advisers Direct


Recession `could lead to financial problems for retirees`

27/05/2009

Retirees could be left facing financial difficulties - potentially including debt problems - as a result of the economic downturn, it has been suggested.

According to Age Concern and Help the Aged, 28 per cent of people over 50 recently polled reported concerns that their age would see them forced out of their job if their employer had to make redundancies.

Meanwhile, 47 per cent said they were less confident than they had been six months earlier that their pensions and savings would provide them with a comfortable standard of living in retirement.

Michelle Mitchell, charity director for Age Concern and Help the Aged, said: "These figures paint an extremely bleak picture for millions of over-50s whose working lives are at risk of being cut short by the recession."

She added that for many over-50s, one of the legacies of the recession will be a retirement which is "blighted by poverty".

Recently, Key Retirement Solutions released figures which suggested that people aged between 65 and 69 have average credit card debt of £9,068, the Mirror reported.
ADNFCR-667-ID-19187993-ADNFCR

Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in
Fill in our form, an expert will call you back
Title:
First name:
Surname:
Telephone 1:
Telephone 2 :
Email:
By continuing, I agree to the privacy policy
Debt Advisers Direct © 2010 All rights reserved. Debt Advisers Direct is a trading style of Freeman Jones Limited.
Carlton House, Vere Street, Salford M50 2GQ. Company registration No. 4348410. Registered in England and Wales