Brits carrying debts into retirement

Beat the energy price hikes! Switch today and save £482*

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jan 2018 and 30 Jun 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £482 or more.

One in four Brits are carrying debt with them into retirement, according to a new study.

Research by Just Retirement found that 24 per cent of people are approaching retirement age with debt hanging over them.

With energy costs rising by over 40 per cent this year, the report highlights that with a pensioner's disposable income shrinking, many may be forced to live on the breadline.

Some 46 per cent of respondents admitted to having deep concerns about their depleting income.

Nigel Barlow, head of retirement solutions at Just Retirement, said one in eight people reaching retirement age are planning to continue working "in order to bolster their income".

He added: "With no obvious solutions being proposed to help those struggling at retirement, the likelihood that poverty amongst pensioners is set to spiral out of control."

Charity Age Concern recently called for the government to introduce a number of financial aids for the older generation in its pre-Budget report.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

Found this page interesting?

Help spread the word and share this page with your friends and family on your social networks.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more