Older people risk needing debt solutions

People in their forties and fifties are more likely to need debt management than younger generations due to their attitudes to saving.

New figures from Lloyds TSB show that just one in ten people in their middle age are putting something away each month, compared to a fifth (17 per cent) of their children’s generation.

The bank reveals that one of the biggest factors in the difference between the ages is a change in communication over the decades.

People who are now in their forties and fifties were much less likely to talk about money and debt to their parents, than twenty-somethings are today.

Greg Coughlan from Lloyds TSB Savings comments that it’s encouraging that savers are starting early, as it may lower the chance of them needing to find debt solutions in the future.

Debt problems - raising children

28/02/2011

More people in the UK appear to be suffering from the debt problems brought about all because of the ...

Save to counter debt problems

13/01/2011

Consumers living in the UK who are currently trying to navigate the tough financial climate right no ...

Debt problems should be hit early

10/01/2011

Consumers struggling with debt problems should start the year as they mean to go on by tackling thei ...

Scots' debt problems – loan sharks

06/01/2011

The Scottish government is warning people who face debt problems north of the border not to be tempt ...