The older generation is further indebted than once thought and it seems that although young people seem to constantly be in the public eye in terms of being perceieved as the generation sufferering from the most debt problems.

However according to a report by the Telegraph:

More than one million pensioners are facing a bleak financial future, research shows today.One in five is yet to pay off a mortgage and one in three is racking up average credit and personal debt of £5,900.

A report from Scottish Widows paints a worrying picture.The total debt of those over 65 has hit £57 billion, according to the investment company, while pensioners’ average credit card and personal loan debt has risen by 42 per cent in the past year.

Personal Debt levels are creeping up and up for pensioners and more and more people getting mortgages and loans later in life. The soaring cost of living and interest rates hikes are also going to contribute to older people with money problems.

Scottish Windows commented “The knock-on effect of getting on the housing ladder later is that money that could have been put into a pension is being used on monthly mortgage payments.”

It will be a case of wait and see to find out if this problem of indebted pensioners is a problem which is only going to get worse.