Over 55’s debt levels rising fast
New reasearch from Callcredit points towards the over 55’s facing financial difficulties as they struggle to define the amount of debt they owe.
A staggering 16 per cent of over 55’s are financially unaware of the level of debt they’re in and so the pensions gap increases with 25 per cent of UK adults not making pension contributions. The situation doesn’t look good; over 1.1 million UK homeowners who are retired still have a mortgage of £38,000, on average and one in eight of these people still owes more than £50,000. Over 1.5 million over 55’s in the UK say they cannot retire because they simply can’t afford to.
It’s not just mortgage debt, one third of over 55’s still carry an average of nearly £6,000 worth of unsecured debts like credit card and personal loan debt. All this puts massive pressure on people when it comes to making provisions for retirement.