Older consumers may have to work into their seventies

According to a recent report many people that are now on their late fifties and early sixties may end up having to work well into their seventies, as they struggle to keep up with financial commitments and debts.

Industry officials claim that many people may not be able to afford to retire at the traditional retirement age, and already around 1.3 million people of retirement age are still in work.

The report shows that those in this age group owe four times as much in debt as people in the same age bracket ten years ago.

It is thought that the average debt owed per person in this age group is around £2500, but although this may not seem much it can be difficult for people to pay off if they are on fixed incomes. The research was carried out by Help the Aged.

One in every four consumers aged between 55 and 64 is thought to be a credit user, and one official from Help the Aged stated: ‘This report shows there are some worrying trends in credit usage that could represent a debt crisis for those coming up to retirement.’

One industry official went on to state: ‘These figures highlight the crippling reality of the situation. This problem will not go away. It will stay with us for decades and could deteriorate further. Retirement is no longer viewed as a welcome relief; many see it as a financial battle, where they cannot possibly hope to be the winners.’