One in four UK retirees have mortgage or other debt.
M2 EQUITYBITES-February 17, 2017-One in four UK retirees have mortgage or other debt
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A growing number of older people in the UK are retiring in debt, according to research released on Friday by Prudential.
The financial services firm found that the proportion of people retiring with outstanding debts this year is at its highest level for seven years, jumping to one in four (25%) of 2017's retirees, up from one in five in 2016.
This year's retirees who still have debts owe an average of GBP24,300 -- an increase of GBP5,500 or 29% since last year and the first time Prudential has reported a growth in retiree debt since 2012 when the figure peaked at GBP38,200.
The research also showed that mortgages have become a bigger source of debt for retirees. Nearly four in 10 (38%) of those expecting to retire this year with debt still owe money on property, up from 33% last year. However, credit cards remain the major debt issue, with 51% of people with debt owing money on plastic at retirement.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 17, 2017|
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