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Bank claim: Domestic costs means pensioners struggle with debts

Due to the high cost of food, fuel and other domestic expenses, Britain's retirees are finding it harder to pay off their debts.

Research from the insurance firm Aviva, titled the Real Retirement Report, has revealed that unsecured debts among people over the age of 55 has increased by 36 per cent.

It also found that the average living costs have increased considerably as a result of inflation, meaning that pensioners have been unable to get the money together to pay off their debts.

Clive Bolton, who work's at Aviva's At Retirement arm, said: "When their daily outgoings are stretched so far by the demand of basic essentials such as housing, food and travel, they can find that regular repayments are difficult to maintain."

But not only are they unable to make repayments, Aviva found that pensioners also had to reach for their savings. The average savings have fallen by one quarter to £11,763.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801591727-ADNFCR

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