Older people facing more debt than they did ten years ago

The results of a study by Barclays and Help the Aged has uncovered the
problems which older people are now facing once they reach retirement.

One in four people approach the end of their working lives with debts
such as unfinished mortgages or credit card and loans outstanding. The
study calculates that retirees are four times more indebted than they
were ten years ago.

David Sinclair, head of policy for Help the Aged, says: "Pensioners are
constantly facing above inflation price rises - coupled with a fixed low
income, many older people struggle financially more and more, year after
year.

"With one in five pensioners living in poverty and an increasing number
of older people in debt, the future looks anything but rosy for older
people in the UK. Financial worries can have a devastating effect on
older people's general health and wellbeing."

People are being encouraged to seek help from Help the Aged, or other
citizens advice centres.

March 26^th 2008

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