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Older adults facing debt

Older adults facing debt
16th March 2012

Upon retirement it is important to have money put aside to ensure financial stability in later life.

However, the Consumer Credit Counselling Service (CCCS) is warning that many older adults will be facing "extreme levels" of debt when they stop work, Age UK reported.

According to the CCCS, demand for financial advice from over-60s has risen by 15 per cent over the last three years.

This could turn into a long-term trend should action not be taken to provide for people in retirement.

Lord Stevenson, CCCS chairman, told the information portal: "Work carried out for us last year by the Financial Inclusion Centre showed that there is a persistent minority of older people trapped with extreme debt.

"It would appear that this minority is growing rapidly."

The financial hardship faced by many older adults also causes concern for residential care, as many can no longer afford this vital service.

What's more, the government has made a series of cuts to the health and social care sector.

Find the nearest Barchester care home.