More pensioners going bankrupt

Over the past few years the number of people that have become insolvent has rocketed as a result of the difficult financial climate, the banking crisis leading to reduced availability of finance, the recession, and the huge number of job losses. Many people have been unable to keep up with their financial commitments, and have been forced to declare themselves bankrupt or opt for a solution such as an IVA.

According to figures there has been a steady increase in personal insolvencies for the past ten years, but it has recently been reported that personal insolvency numbers are now starting to decline. The figures were released by the Insolvency Service. However, whilst the decline in personal insolvency numbers will come as good news, the data has shown that bankruptcy is higher amongst some age groups compared to others.

Surprisingly the figures have shown that pensioners are the fastest growing age group of individuals that are filing for bankruptcy. In the space of ten years the number of people aged over sixty five that are filing for bankruptcy is said to have grown six times, and has also grown at a rate that is 50 percent faster than other age groups. The average age of people that file for bankruptcy is now 41, and overall men make up the majority of people going bankrupt. However, the number of women filing for bankruptcy is also growing, having increased from 29 percent in 2000 to 40 percent in 2009.

One industry expert said: “Although personal insolvency levels are no longer rising, they remain stubbornly high, reflecting the high levels of personal debt that persist across the country. If insolvency looms … the Insolvency Service’s booklet, ‘In debt? Dealing with your creditors’ provides clear and impartial information that will help you understand your options.”

Tags: industry, personal insolvency, insolvency, bankruptcy, personal insolvency levels, debt

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