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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Scottish baby boomers `must react to credit crunch`

30/03/2009

People aged 45 and over - known as the baby boomer generation - living in Scotland must react to the credit crunch or they may face a bleak financial situation in retirement, it has been claimed.

In a new report, The Hartford suggests that the UK is currently at a "watershed in retirement planning" and consumers need to take appropriate action in order to avoid financial difficulties - potentially including debt problems - when they give up work.

According to research conducted by the firm, 64 per cent of Scottish baby boomers have failed to review their financial plans amid the current period of economic uncertainty.

Michael Rudge, Hartford Life`s UK managing director, said that people`s attitudes to retirement planning remain entrenched in the pre-credit crunch era.

He added: "From an over-reliance on property through to a lack of interest and understanding of pensions right until the last minute, many people have not adapted to the economic realities of 2009."

Meanwhile, research conducted recently by Lloyds TSB found that people aged 34 or under are more worried about paying off their debts during the economic downturn than their older counterparts.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according