'Increasing numbers of pensioners' declared bankrupt
www.moneynews.co.uk > Pensions > 'Increasing numbers of pensioners' declared bankrupt
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Money News |
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'Increasing numbers of pensioners' declared bankrupt
Wed 8th Jul 2009
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Accountancy firm Wilkins Kennedy has revealed that the number of personal insolvencies declared reached 983 in 2004 but rose steadily to hit 2,595 in 2008.
Factors spurring this onwards include the recession, a higher life expectancy age and more people being in receipt of unpaid debts.
This news comes as the Ministry of Justice revealed that the number of people filing for bankruptcy rose to 16,775 during the first three months of this year, reports the Telegraph.
Wilkins Kennedy director Anthony Cork said: "While the number of personal insolvencies has been climbing relentlessly, the finances of those aged over 65 are deteriorating much faster."
According to research from Key retirement Solutions, 17 per cent of pensioners chose to work to supplement their incomes from 2007 to 2008.
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