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Consumers `increasingly experiencing debt problems` Over-50s `better at managing credit card debt` New banking rules `may restrict access to loans` UK `must reduce consumer debt` 700k `on Debt Management Plans` Recession `could lead to financial problems for retirees` Charity sees increase in debt, mortgage and loan arrear enquiries Retirees` finances `may be damaged by rate cut` Consumers `aiming to reduce spending` People `increasingly turning to illegal loans` Children raised in credit crunch `may be better able to manage money` Many parents `pushed into debt by adult children` Young people `failing to protect themselves for debt repayments` Consumers in East Midlands `relying less on debt to fund lives` Plans set out to help people in debt PPI ban `could leave consumers without loan cover` Govt `must step in to stop debt addiction` Cash-strapped Brits `see fraud as more acceptable` People `should not rely on mortgage rescue plan` Consumers `to take out £3bn in debt consolidation loans by Easter`

Retirees `spending much of their legacy`

20/01/2009

Due to current financial conditions, people in retirement are using much of their assets as a means of funding their post-work years.

This is according to the Lincoln Financial Group, which also found that more than two-thirds (70 per cent) want to have enough income to avoid relying on family to care for them if they become critically ill.

Ian Noble, head of sales at Lincoln Financial Group, said: "In the current economic climate, retirees are finding that they are using much of their assets, such as their property and savings, in order to fund their retirement.

"As a result many will have little to leave behind for their family."

Recently, charity Age Concern said that the reductions in the UK`s base rate of interest seen over past months may mean that older savers will suffer.

It said that many such people - some of whom are "struggling to pay household bills" and may therefore be suffering from debt problems - will be left feeling penalised for their prudence.

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