The number of pensioners and ‘wealthy individuals' being declared bankrupt has increased in the last quarter, according to analysis of figures from the Insolvency Service.
Official figures showed there were 4.7% fewer personal insolvencies in the first quarter of the year, compared to the same period in 2011. In total there were 28,723 individual insolvencies in England and Wales from January to March.
Analysis of demographics within the insolvencies, by information services provider Experian, a found an increase in the number of pensioner bankruptcies. Rural residents and wealthy individuals also experienced more insolvencies, it added.
Data showed the number of insolvencies among what it classified as ‘wealthy and influential' people rose 25 basis points from the previous quarter.
Those in the ‘active retirement' group - made up of retirees with an occupational pension scheme - reported a rise of 2.7% in the first three months of the year.
Levels of insolvencies within the ‘young professional' group decreased the most over the last 12 months.
23% fall since Q1
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Lowest level since 2016