According to latest reports, Britain's 11 million pensioners owe more than any other age group with many working to pay off record debts and struggling to make ends meet. They are using credit and handouts from family members to survive and in some cases using credit to pay for basic living expenses and weekly food shopping with borrowers in their late 50s and early 60s owing four times as much as a decade ago.

The recent study only covered "unsecured" loans with many of those seeking help with their debts owing an average of £30,000. This means total debts could be even higher as many pensioners still have mortgages to pay off - one in eight of the over-60s and 4 per cent of people aged 80-84 are still repaying a mortgage. (http://www.ft.com/cms/s/0/fe6d336a-fad6-11dc-aa46-000077b07658.html)

This figure compares to average unsecured debts of:

£9,656 by the 18 to 24 age group
£21,876 for the 25 to 39 age group
£28,903 for the 49 to 59 age groups

In the past it has been the 40 - 59 age group who have had bigger debts than any other age group but a change in peoples attitude to credit means many pensioners are now using credit cards to buy something they cannot afford instead of saving up for it as they did in the past. Many are struggling on low incomes and are turning to borrowing and credit just to get by. The cost of essential items such as bread, milk and fuel are rising at the fastest rate since records began with many pensions spending a high percentage of their income on these costs.

For many older couples their children are still a burden with many parents helping their children get on the housing ladder by giving them deposits of at least £10,000. With people living longer than before some still have their own parents to look after and it is predicted that soaring prices will only make the pensioners debt problems worse.

According to the Help the Aged, many pensioners are constantly facing above inflation price prices which coupled with a fixed low income leaving them struggling year after year with many working beyond retirement age. Nearly 1.3 million women over 60 and men over 65 continue to work and whilst some may want to work many have no choice.

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Article referenced from http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=541791&in_page_id=1770