Numbers retiring in debt back on the rise - research

£24,300 average debt, finds Prudential

Hannah Godfrey
clock • 2 min read

The proportion of people retiring with debt in the UK is at its highest level in seven years, with one-in-four (25%) retirees set to do so in 2017, according to research by Prudential.

Those retiring in 2017 in debt owe on average £24,300 - an increase of £5,500, or 29%, since last year, and this year's figures also represent the first time Prudential has reported a growth in the amount of retiree debt since 2012 when the figure peaked at £38,200. On average, those expecting to clear their debts will take nearly three and a half years to pay them off and can expect their repayments to cost them an average of £230 a month - an increase on the £224 a month recorded in last year's survey. Nearly one in six (16%) expect to take seven years to pay it off, however, while a s...

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