The survey shows that nearly one fifth (19%) of those in debt are concerned about the amount of money they owe.
One in five people aged 60 and over said they owed money on a mortgage, credit card or loan, with levels being significantly higher among the younger end of the age group.
Over one in ten (11%) of those interviewed reported having had to borrow money to pay their rent or mortgage. Further questions showed that over a third of those interviewed did not feel that the income from their pensions and savings was enough to cover a financially stable future.
A similar survey undertaken last year by Age UK showed one in ten of the pensioners had loans or debts.
Commenting, Michelle Mitchell, charity director general at Age UK, said: “It is extremely worrying that such a high number of older people report having debts and have had to borrow money just to keep a roof over their heads. Most older people live on a relatively small incomes so making debt repayments can be a worry.
“Far too many older people are living in poverty and the Government must continue to work proactively on ways of getting money to older people who are in desperate need.”
