Problem debt is on the increase among older clients. Fiona Murphy asks: What are the most common types of debt and how could this be mitigated in the advice process?
Amid falling annuity rates, poor savings and the relatively low state pension, it seems debt is another huge issue affecting retirees’ standard of living. A recent report titled Tales of the Tallyman: Debt and problem debt among older people from the International Longevity Centre – UK (ILC-UK) and Age UK has warned three in 10 (28%) of the 1.1 million older people in debt are considered to be in “problem debt” and are struggling to repay. Some 10% of older people have unsecured debt and are paying over £85 a week to service their debt. Bearing in mind the state pension will soon go u...
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