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Bank charges: Older people 'in more debt'

Older people are at a greater risk of suffering from credit card charges and bank claims than they used to be, despite rising incomes, a new study has suggested.

Aviva's Summer Retirement Report found over 55s with debt owe 31 per cent more money than they did one year ago.

While this demographic's monthly income has risen by four per cent in the last 12 months, one-tenth still earn less than £500 every month, the research revealed.

Furthermore, there has been a 22 per cent quarterly fall in the amount these individuals set aside, while people older than 75 have also typically been forced to begin emptying their savings to get by.

Only 36 per cent of enterprises provide tailored support to their personnel as they approach retirement age, the report revealed, although this might be able to help pensioners avoid making loan claims.

"Old people actually tend to suffer more from inflation and the rise in the cost of living because of the sort of things they buy," editor Annie Shaw recently stated.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt managementADNFCR-2776-ID-801405005-ADNFCR

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