Double debt warning for pensioners
07/10/2010People in their 50s face the prospect of needing to find debt help when they retire, according to two new reports.
Insurers LV= found that if interest rates rose, four in ten people over 50 would reduce their pension contributions in order to pay off more immediate debt problems, such as credit cards and loans.
LV='s Vanessa Owen notes that it's "worrying" that people would consider saving less for retirement, which could leave them needing debt solutions in the future.
Another study by Consumer Focus Wales has called on the Welsh Assembly to do more to avert a "debt crisis previously unseen in retired people".
Their research found that many people in their 50s are "managing on a day-to-day basis", with some cutting down on grocery spending and resorting to doorstep lenders.
Kevin Still, Director of Atlantic Financial Management says: "The reality is that people having to manage on a day-to-day basis don't have disposable income to save or build up a buffer for expenditure shocks that lead to a debt spiral. Restrictions on lending on the high street mean that many people have resorted to high costs short-term credit, but don't necessarily have the means to repay, creating debt problems. Professional financial and debt advice is a sensible option if you know that a potential crisis is around the corner." 
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