A new survey has found that pensioners owe a staggering £96.4 billion in personal debt.
The research, conducted by Annuity provider MGM Advantage, shows that the average pensioner has personal debt of £8,120 and that 40% of the retired population are in debt.
Debts over £100,000
Men carry the highest amount of debt, owing on average £9,000 compared to the average debt for women of £7,350.
A large number of retirees, 2.5 million, have relatively small amounts of debt of less than £5,000, but over 180,000 pensioners worryingly owe over £100,000.
Alarmingly over 500,000 pensioners don’t know whether they are in debt or not.
Reasons for ...