UK Pensioners Live in Debt – Aviva

Aviva Real Retirement Report, which has been published for the fifth time so far, revealed that retired Brits face debt problems.

The report, which surveyed UK residents aged 55+, showed that while average mortgage debt among this age group increased to £10,000 in 2010, their income fell by 4%.

This resulted in the belief of many Brits that they will never be able to repay their debts. One in seven respondents (15%) said they don't expect to repay what they owe; 23% of those surveyed said they plan to totally repay their debt by the age of 75.

Commenting on the findings, Mr. Bolton, Aviva director of retirement department, said that "the fifth Real Retirement Report finds that pressure on retirement income is rising. While there isn’t one single cause for people’s money worries, the combination of economic and social factors over the last year has impacted on many individuals’ plans for their retirement years."

The report by Aviva was based on a survey of 5,700 Brits aged 55+. It was carried out between February 2010 and February 2011.