Debt problems of retired people

The Association of British Insurers (ABI) has announced that after retirement almost half of all Britons are under the risk of financial problems occurrence.

According to information mentioned in 30% of retiring age people are failing to save anything for their retirement, and for further 13% the sum they have already saved for their retirement is not enough.

In the meantime unprecedented interest rates drop and concerns about constant unemployment growth made 25% of people to repay their debt on mortgage and 28% of people to pay their unsecured debt back more quickly.

The spokesperson for Debt Advisers Direct mentioned that today the is number of people doing their best to repay their debts, but at the same time many of them are not prepared for the future in a proper way, as retirement can bring a wide range of new financial difficulties including living on a fixed income, inability to increase income and unexpected expenses that usually leads to serious debt problems.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.