Middle aged face debt problems
14/12/2010People in their middle ages could soon be facing severe debt problems as it appears many of them are struggling to find employment after losing their jobs.
Of the 350,000 new vacancies opened this year, around two-thirds have gone to young people aged less than 35 years of age. Only the remaining third of this figure have been occupied by consumers aged over 50.
This is despite the 35 to 49 year demographic representing the biggest demographic in the whole labour market.
New data from the Chartered Institute of Personnel and Development (CIPD), suggests this means 2.9 per cent fewer people in this age group are in work than at the start of the recession.
Kevin Still, Director of Atlantic Financial Management says "Loss of income for those with a major investment in their property and family find it very difficult to adapt to redundancy or reduction in household income.
The 35 to 49 age range may also mean that the breadwinners have been financially supporting adult kids and ageing parents, adding to the debt problems.
Our society is not very well geared to dealing with this sort of debt help challenge on a massive scale." 
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