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Retirees facing unsecured loans debt

Retirees facing unsecured loans debt

Category: Loans

Updated: 26/11/2008
First Published: 24/11/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A growing number of people approaching retirement age are having to consider continuing to work due to debt, it has been found.

Research by Just Retirement has revealed that almost a quarter of pensioners owe money through secured or unsecured loans when they retire.

And with 12 per cent thinking of staying in employment to boost their income, head of retirement solutions Nigel Barlow noted that this may prove difficult as unemployment rates are rising.

He explained that despite many people looking forward to "easing of the pressures", this is proving difficult due to the large amounts owed.

"An increasing number of potential retirees - one in four - are unable to rid themselves of their debts, potentially taking them with them forever," he said.

Last month debt solutions company Payplan found that unsecured loans are causing those between the ages of 50 and 60 to owe 25 per cent more than any other age group.

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