A Fifth of Older People Are Concerned Amount Their Debt
The amount of debt older people have is increasing, according to a recent survey.
Findings by Age UK reveal that the sum of debt senior citizens have has risen sharply over the last year and a nearly a fifth are concerned amount how much they owe.
The study, conducted by TNS, found that one in five people aged over 60 years-old owe money on a mortgage, credit card or loan and 11% have had to borrow money to pay their rent or mortgage.
Over a third are worried that their income for their pensions and savings will not be enough to cover them financially in the future but yet 1.6 million do not claim their pension credit entitlement. However, 72% of the 1000 people surveyed who claim benefits said the extra money makes no difference to their lives.
Age UK argues that 1.8 million pensioners live in poverty and they are urging people in later life to claim the benefits they are entitled to in order to maximise their retirement income.
Michelle Mitchell, Charity Director General at Age UK says: “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.
“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.
If you are entitled to claim benefits, or even if you don’t think you are eligible, don’t be hesitant in enquiring. Struggling with debt is not a laughing matter and if you are worried about your debt levels; speak to the experts today at Debt Free Me.
They work with you to find the best debt solution for your individual case and as a team of friendly professionals they can give you the peace of mind that you desire. Any person, regardless of their age, should never suffer loss of sleep or anxiety due to debt levels. Visit the site now for high quality debt advice.
ENDS
