Older consumers feeling more debt problems

Even though young people are considered to be financially irresponsible, older people’s attitude to credit is leading them into more debt problems than younger consumers according to a charity.

Research by the Consumer Credit Counselling Service (CCCS) shows that financial problems of the over 60s have increased at a faster rate than any other age group.

Whereas under 25s seeking help for debt problems has fallen by about four per cent since 2004, the number of over 60s reporting financial trouble has increased about two per cent in the same period.

Malcolm Hurlston, CCCS chairman, said: "This is the generation of the 1960s; the generation whose consumer power brought the credit card to Britain effectively."

He added: "So this is a generation that has taken control of life, taken control of its lifetime money and not everybody’s going to get it exactly right."

By contrast, he said, because younger generations are less financially ambitious, as seen by the fact that more of them still live at home at 18, fewer of them are seeking counselling.

Of consumers seeking help for debt problems, people between 40 and 59 reported the highest levels of debt, owing on average £32,2886; almost 50 per cent of consumers with problems are aged over 40.

Last year CCCS helplines received 50 per cent more calls than in 2005.