If you are part of the baby boom generation (born between 1946 and 1964) then the chances are you are worrying about your finances – and you are not alone.
With the first credit card being introduced into the UK in 1966, baby boomers were introduced to credit from a young age. Many now seem to be paying the price by facing a debt-laden retirement.
Recently articles have appeared in the media saying that the highest growth rate for insolvency is amongst pensioners.
The reality is that anyone approaching pension age– and therefore moving to a fixed income – still with debts may be worried about no longer being able to meet their payments.
Latest statistics gathered by MGM Advantage, a retirement income specialist, published in The Telegraph, show that the average retired person has over £8,000 worth of personal debt. The survey reveals that retired Britons are almost £100bn in debt.
Baby boomers may also have adult dependents still living at home in need of financial support. A recent article in The Independent revealed that the average age of the first-time buyer could hit 40 before the end of the decade. It added “Hefty deposits, a shortage of affordable housing and a slowdown in lending have forced a growing number of people to abandon the dream of owning their own home. Lack of properties for sale is said to be putting an additional burden on pension funds and creating a prolonged “boomerang generation” – with the number of adults returning home to live with their parents is now at three million – four times the level it was in 1979.”
On top of all this the cost of living continues to rise, unemployment figures have dramatically increased, state pension age has increased and low interest rates have adversely affected savings.
With all these financial burdens it is no surprise that increasing numbers of people are looking for ways to raise money, including re-mortgaging their property or taking out a debt consolidation loan.
Whether or not you are part of the baby boom generation, you should always seek help promptly if you are worried about debt.
If you would like to speak to one of Payplan’s debt specialists, then please call 0800 2945205 or fill in our online referral form and we will call you back.
Written by Gemma on May 25th, 2012
Filed Under Debt News | Trackback | Leave a Comment
Posted in: 
0 comments:
Post a Comment