Record number of pensioners working

| March 27, 2008 | 0 Comments
Record number of pensioners working

It has emerged that those in their late 50s and early 60s have soaring levels of debt meaning that they will have to continue working long after their retirement age.

According to a study by the charity Help the Aged, this group of people owe at least four times as much as people of the same age 10 years ago. The debts do not include mortgages, if they have one, only unsecured loans such as credit or store cards.

The study revealed that many will be forced to keep working, possibly into their late seventies, to repay credit card borrowings, overdrafts and personal loans.

Figures show that a record numbers of pensioners are already working, with almost 1.3 million women over 60 and men over 65 in jobs.

Philippa Gee, investments director at financial adviser Torquil Clark, said the study highlights 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.

Furthermore, the study shows that those who have already retired are still struggling with life in the red. Some 1.5 million over the age of 60 have a mortgage owing on average £30,000 on their home, a figure that has trebled over the last 10 years.

Over 160,000 pensioners are using credit cards to pay for basic items including food and household bills, said the study.

Philip Hammond, Conservative Treasury spokesman, said under the Labour Government, older people in Britain face increasing living costs. With rising food, fuel and housing bills, it is no surprise that so many have burdened themselves with debt to try to make ends meet.

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