Aviva: over-55s struggling with debt
Britain’s over-55s have a growing problem with debt, according to Aviva’s fifth Real Retirement Report.
Twenty-three percent of those questioned did not expect to be debt-free until the age of 75 and 15% did not believe they would ever be free of debt.
More than a fifth (21%) are still making mortgage payments and 30% have at least one form of unsecured debt.
There is a strong degree of debt consistency across the retirement age groups, suggesting that shifting debt is a real challenge for the elderly.
The cost of living was generally considered the cause of indebtedness, though 23% did state that their own financial decisions were the cause.
In January of this year LV= welcomed the Coalition Government’s decision to scrap the default retirement age, preventing older workers from being forcibly retired and giving them greater freedom.
Category: Aviva News, Insurance News
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