Debt among over 55s at a high

A report by Aviva has shown an increase in monthly spending among over 55s, as their confidence in the economy grows to a post-recession high.

The average person in that group owes &pound 2,269 in total, including &pound 817 on their credit card, &pound 765 in personal loans and £104 on their overdraft.

Rising value of houses is a key component in the increase in confidence.
Rising value of houses is a key component in the increase in confidence.

Savings have fallen among the over 55s, with the typical amount put away coming to £46 per month. Clive Bolton, Aviva’s managing director retirement solutions, warns against becoming over-confident with spending:

“People nearing or at retirement need to really match their borrowing and spending habits with their income and retirement savings, so they have budgeted for their money to last the whole of their lives.”

The typical monthly spend among over 55s is £846, following an increase in spending on luxuries like holidays, clothes and going out to eat.

If you are struggling with your debts and want to become financially stable so you can plan for the future, why not call one of our advisers today? They’re trained professionals who will run through your circumstances and help you find the most suitable course of action for your needs.