UK Pensioners in £57 billion of debt

13th August 2007

UK pensioners owe £57 billion on mortgages, credit cards and loans, a study from Scottish Widows claims. Research from the financial group found that almost a third of those over the age of 65 are £5,900 in debt on average. Ian Naismith, head of Scottish Widows pensions market development, said: “By the time they come to retire, a significant number still have a mortgage outstanding on their property, adding financial pressure to their hard-earned retirement fund.”

Source: The Scotsman