Wednesday 26th of January 2011
People wishing to retire in a healthy financial state may wish to ask individual voluntary questions to ensure they do not carry their debts over into retirement.
Prudential's Class of 2011 study has found more than one in five (21 per cent) of UK adults finishing work this year will still be in arrears once their employment terminates, owing an average of £33,100.
Moreover, one in 20 people are to end their working lives with debts of more than £50,000 hanging over their heads.
Vince Smith-Hughes, from Prudential, explained total consumer debt has more than doubled since 2000, claiming: "A large number of people planning to retire this year are now faced with spending a significant part of their retirement income meeting these debt repayments."
The findings follow recent research carried out by The Co-operative Insurance and Shelter, which showed nearly one in three Brits are currently spending more money than they are earning.
By Hayley Jones
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