Home > News > Debt advice

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`

Employees retiring `on £5,000 less per year than colleagues`

04/02/2008

Workers retiring during 2008 will have to live on £5,000 a year less than the average UK consumer, a new study has found.

According to research from Prudential, UK adults retiring during the next 12 months will be drawing an average annual income of £18,663, a sum which could see them requiring professional debt advice in the future.

However, many people are retiring early, with debt problems far from the front of their minds. The study found that men retire at an average of 60 years of age, with women at 58 - much earlier than the statutory retirement ages of 65 and 60 respectively.

Gary Shaughnessy, managing director of Prudential Retail, said: "These figures confirm the UK`s pension crisis is far from over and those retiring this year will have to survive on considerably less money than the average UK adult."

According to the National Association of Pensions Funds, workers planning for retirement should look at a number of options to secure their financial futures

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