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More people are entering retirement with debt problems

More people are entering retirement with debt problems

- Wednesday, 23 March 2011

A greater number of Brits may need to seek debt advice when they retire as people are starting to enjoy their later lives more.

Such is the opinion of Christopher Friel, financial advisor at Prudential, which is an international financial services group.

He explained why there has been an increase in the number of consumers retiring with debt problems.

"People are enjoying their later years more; they are going out and there are more credit cards freely available," Mr Friel said.

"As a result of that they are building that up and taking it into retirement."

Some people are managing to pay off their credit card debt when they retire, as they use a lump sum obtained from their pensions to become debt-free.

Others are working part-time to supplement their retirement income, he added.

A report by the Organisation for Economic Co-Operation and Development stated that Britain needs to adopt a grey workforce to help combat rising pension costs.
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