Retirees in £33k of debt each

Around one in 20 people will retire with debts of more than £50,000. Over half of those retiring with debt owe money on mortgages and credit cards. A further 14% do not know if they will be in debt when they retire this year. Male retirees are more likely to be in debt, and owe substantially more than women. Around 23% of men will be in debt, owing on average of £39,500, compared to 18% of women, who owe an average of £25,100. "These figures show how the Class of 2011, a previously risk-averse generation of savers took advantage of the consumer credit boom of the last decade," says...