Millions face retirement debt misery

Seven out of ten (69 per cent) people haven't built up a savings pot for their retirement, which could leave millions seeking debt solutions.

A new survey by MGM Advantage shows that just 5 per cent of non-retired Britons aged 55 or over feel fully prepared for retirement – this equates to fewer than 300,000 (299,000) people. By comparison, in 2008 the figure was close to 40 per cent (39 per cent).

At the other end of the preparedness spectrum, one in five (21 per cent) British adults over the age of 55 feel totally unprepared for retirement, whilst the number for all ages is closer to half (46 per cent).

Worryingly, only a quarter (23 per cent) have sought to remedy this by speaking to a financial adviser or their bank, leaving millions potentially needing debt solutions once they finish work.

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