Saga questions bankruptcy statistics

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Saga questions bankruptcy statistics

Saga has raised questions about new statistics from Wilkins Kennedy which claim that the number of bankrupt pensioners had doubled in the past five years.

A spokesperson for Saga admitted that "easy access to credit", which has become more prevalent, may "encourage people to get into levels of debt they cannot manage".

However, he suggested that one particular statistic - which stated that the proportion of retiree declaring bankruptcy rose from three to seven per cent over five years - was "an increase from an exceptionally low base".

"In our experience, people are actually quite canny with their money and have a strong dislike of getting into debt," he remarked.

The spokesperson cited figures which stated that 80 per cent of the wealth in the UK is owned by those over the age of 50, but added that broad generalisations about particular groups' behaviour towards money could be dangerous.

Saga offers a range of financial opportunities to over-50s, including insurance, savings and investment products.

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