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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`

Credit crunch `could continue to hurt future retirees`

14/02/2008

UK consumers who have not been saving through conventional pension schemes could see their returns fall is the recent credit crunch persists, an expert has suggested.

The current squeeze could prove "instrumental" in leading to a recession, which could hit property values and other possible returns which people rely on for retirement, the Pensions Advisory Service (TPAS) stated.

If the current situations do persist and affect retirement plans, people may need to consult professional debt advice in order to sort their finances out, Des Hamilton, technical director of TPAS, said.

Mr Hamilton added: "A lot of people may have been depending on the equity in their homes in retirement. If house values drop - there are some forecasting up to a 20 per cent drop - then some people could be very badly affected close to their retirement."

According to the Office for National Statistics, in 2002-03, 55 per cent of men and 73 per cent of women with personal and stakeholder pension funds had a total fund value of less than £10,000.

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