With increasing concern over the levels of debt among older people and pensioners, analysis from EuroDebt showed the over 60s represented 11 per cent of its client base.
This age group had an average unsecured debt of £25,722 and eight creditors, with 21.5 per cent of them also having a mortgage.
Kevin Still, director at EuroDebt, said: “The analysis of our client base indicates a worrying trend as more and more over 60s appear to be getting into serious debt and struggling to cope with the cost of living.
"Retirement should be a happy and relaxing time, after a lifetime of work. But our figures reflect concerns of rising debt among older people with organisations like Age Concern calling for action.”
Still added that, with the over 60s having an average net monthly income of just over £1,000, the level of debt his firm was seeing was ‘extremely worrying’.
He said: “It seems that many people are experiencing an unhappy retirement. In the vast majority of cases bankruptcy is ruled out by the client, which reflects more traditional attitudes on facing up to personal debt.”
Roy New, a London based sole broker, said: “We will increasingly see older people in debt, as everything gets more expensive. People are taking on more debt.
"The government isn’t against it, as it shores up the economy. The older generation is getting newer every day and is not frightened of debt like our grandparents.”
