Low state pension may force many to get debt management
Low state pension may force many to get debt management
Friday 13th November 2009
The figures come from a report by Club Vita on behalf of pension advisers Hymans Robertson, which found that many people are prepared to work for longer than the current retirement age to boost their earnings.
Many people struggling to make ends meet in their old age may have to opt for debt consolidation.
Almost half of respondents (47 per cent) said they don't think children should have to support their parents financially in old age, while 70 per cent believe the younger generation will not be able to do so.
Options offered by a debt management company, such as debt consolidation loans can help retired people stay above water financially in their twilight years.
Young people aged between 16 and 24 were overwhelmingly accepting of the idea of working beyond the current retirement age of 65, with 77 per cent saying they would be prepared to do so.
However, those closer to the date when they stop working are keener to begin retirement straight away, with less than half of the over 55 group saying they would work past 65.
Chief executive of Club Vita Nick Flint said: "Provided we remain reasonably healthy, greater longevity is obviously a 'good thing', but it comes at a price.
"The UK population is slowly - very slowly - beginning to understand the link between longevity and retirement funding, at the state and personal level.
Rising costs could also hit the elderly who often rely on the cars to get around, with research by the AA last month showing that petrol prices are rising sharply.
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