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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`

Many over 50s `facing financial difficulties`

26/06/2009

A considerable number of consumers aged over 50 worry that they may be facing financial difficulties - potentially including debt problems - in their post-work years.

This is according to an Aviva Cost of Family Care study, which found that 62 per cent of such people are concerned that their pensions and savings are unlikely to be sufficient to sustain them.

The firm described consumers in this situation as "baby gloomers", pointing out that many of them face the prospect of simultaneously financing their elderly parents and their own children.

In addition, it was found that 43 per cent of people polled were delaying financial plans for their own retirement because of the current economic crisis.

"Future finances are one of the most crucial areas families need to discuss and a key area where people should seek independent financial advice," stated Paul Goodwin, head of pension propositions for UK Life at Aviva.

Recently, Jim James, north-east regional chairman of insolvency trade body R3, said that people with financial difficulties such as debt problems should seek advice as soon as possible, the Journal reported.

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