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Baby gloomers 'may need debt management help'

Baby gloomers 'may need debt management help'

- Friday, 26 June 2009

People of the baby boomer generation may be among those facing debt difficulties as they are often put under the financial pressure of supporting their parents and children at the same time.

A new study by Aviva dubbed this group the "baby gloomers" and suggested that six in ten people over the age of 50 are now worried their pensions and savings will not see them through their retirement years.

The Aviva Cost of Family Care report noted that 37 per cent of those surveyed were concerned they would have to give up on luxuries to provide for elderly relatives, while 25 per cent were unsure about their ability to support older children through university.

Advice from an independent financial adviser was recommended as a first port of call for those who find their debts overwhelming.

Earlier this week, Jim James, the north-east regional chairman of an insolvency trade body, urged people not to delay seeking help if they would benefit from a debt management solution.

He estimated that around 700,000 Brits are currently involved in a debt management plan.ADNFCR-2300-ID-19237895-ADNFCR
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