Prudential Lifetime Mortgage research shows pensioners are facing retirement debt

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Prudential Lifetime Mortgage research shows pensioners are facing retirement debt

Thu 20th Jul 2006

As many as a million people face debt problems during their retirement, according to new Prudential Lifetime Mortgage research.

The average debt of a retired Brit was discovered to be around £15,000 and the number of people who face debts between £50,000 and £75,000 has reached around 70,000.

Total debts in the UK now total over £1 trillion and the latest research shows that debt issues continue into retirement.

As many as one in four of retirees surveyed for Prudential Lifetime Mortgage research said they were unable to meet their financial commitments.

Angus MacIver, director of Prudential UK, commented: "We know that people expect their retirement income to be between £15,000 to £20,000 per year in order to maintain the standard of living they are used to.

"The huge gap between people's expectation and reality is at the root of UK savings gap," he added.

Prudential was originally established in 1848 as Prudential Mutual Assurance and Loan Association.

The company now has 19 million customers worldwide.

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