It appears that credit card debts are increasing among the elderly. Christopher Friel, who is the Financial Advisor at Prudential, has figured out that people spend too much money without even knowing it. He said: “When they take their pensions they get a lump sum. So rather than allowing that to help them through retirement, they are using it to clear off credit card debt.”
Britain’s elderly population looks as though is starting to like life’s possibilities more and more. After they retire, they spend more and hence the debts follow and problems arise. This issue was first observed by Keith Churchouse, who is the Director of Churchouse Financial Planning.He believes that credit card debts need to be seriously taken into consideration and people should be more aware of this problem.
Retired Brits are seeking a second job in order to pay their credit card debts. These debts don’t help them achieve a steady retirement life; on the contrary, they leave them without time to rest. The Economic Co-Operation and Development made a report which states the fact that Great Britain really requires more working hands, even the tired and retired ones. This measure can aid the country in fighting the rise in pension costs.
The elderly population of Britain is in a dire need of debt advice and support. Some of them don’t seem capable to manage costs of living and maintaining a standard, not to mention paying off debts. One of the most crucial solutions for many retired Brits represents a delay in retirement and a prolonged working experience, which will later help their financial status when retiring.