/24-7PressRelease/ - LONDON, UK, December 27, 2007 - According to a report from Callcredit, the older generation of over-55 is facing many financial problems. Figures reveal that around 16 per cent of those aged 55 and above cannot exactly tell an exact figure that they owe to their creditors. In fact, their debt levels are increasing faster than any other age group because of the rising costs of living.
In its report, Callcredit reveals that the country's widespread lack of retirement savings is one of the main reasons for the extent of debts that older people have. According to the annual retirement confidence index provided by Alliance Trust, 26 per cent of British adults fail to make any provision for their retirement. More than 1.5 million of those aged 55 and above claim that they cannot afford to retire at state retirement age because of the lack of pension savings.
A statement from Callcredit said: "Despite the recent credit crunch, consumers are continuing to borrow money and debt levels are increasing with no sign of slowing down. But it's not, as one may think, the younger generation that is getting themselves into the most amount debt, but instead the over 55's."
The report also found that more than 1.1 million retired homeowners in the UK have an average outstanding mortgage of 38,000. Short term debts arising out of credit cards, personal loans, etc., also account for an average outstanding balance of 5,900.
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