Over 50s 'facing increasing financial burdens'

Financial burdens caused by borrowing and the needs of dependents are becoming an increasing problem for the over 50s, according to new research.

Statistics published by Scottish Widows have revealed that the total nationwide debt faced by retirees in 2009 from mortgage payments and other borrowing is 90.4 billion.

This represents an increase of more than 18 billion since 2008, a figure compounded by the fact that seven per cent of those polled also have one or more adult dependent children.

According to Scottish Widows, this financial vulnerability extends to over 50s who are approaching retirement, who are also struggling to pay off their mortgages before they finish working.

Ian Naismith, head of pensions market development for the financial service provider, stated that prudent planning is required for over 50s to be able to manage their debts.

He said: "People who will be reaching retirement in the next few years [should] consider how best to prepare themselves for the eventuality of having to juggle their debts on a reduced income when they stop working."

This comes after Churchouse Financial Planning earlier this month called for over 50s to ensure they have a number of different income sources in place to fund their retirement.

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