MoneyExpert: More Than One In Four Pensioners Happy To Carry Debts To Their Grave
September 16th, 2006 | POSTED BY ROB
More than a quarter of all pensioners say that they are counting on death to catch up with them faster than their bank managers.
Research for financial analysts Sesame found that 27 per cent of pensioners expect to take their debts with them to the grave.
The vast majority are doing all they can to pay back what they owe however, said Sesame.
Sesame speculated that the unexpected behaviour could be due to a new generation of “Baby Boomer” pensioners who are now heading into retirement.
The generation of post-war babies now passing their late middle-age were the first to enjoy the consumer credit revolution of readily-available homeowner loans and credit.
“Startling though these findings are, it is important to see past the headline and through to what’s driving pensioners to take such drastic measures,” said Alastair Conway of Sesame.
“People have to take control of their finances in the lead up to retirement and beyond, if we are to avoid adding to the UK’s mounting debt crisis.
“This is because the ability of retired people to recover from bad financial decisions is more limited.”
This article: © Moneyexpert Ltd.