Recent trends to have children later in life could have significant impact on an adult’s financial life, and affect the age in which they will be debt free.

The survey shows that people who had children in their 40s will be 3 years older than average by the time they pay off their mortgage.

This group is also likely to have a higher amount of outstanding debt on their home – on average the over 50s owe £62,262 on their mortgage, this rises to £76,719 among those who had children in their 40s.

Roger Ramsden, chief executive of Saga Services said: “Twenty years ago, by the time people retired the majority would have paid off their mortgage, their children would no longer be in education and would have left home long ago.”

“Today people have mortgage and family responsibilities into later life – but the protection that they may have had through work or their own life cover often lapses- leaving a ‘protection gap’.”

The survey shows that 17% of over 50s still have a mortgage, which rises to 23% for those who had children in their 40s.

This group is also likely to have more outstanding debt on loans and still be paying university fees for their children or grandchildren.

Recent data from the Office for National Statistics highlight that three times as many women had a child in their 40s last year than in 1991.

The trend towards having children later means that other financial commitments are extended into later life.

One in ten over 50s is paying for their children or grandchildren’s university fees; this rises to almost a quarter of those who had children in their 40s.

This group are also more likely than most to still be paying off a loan and the balance outstanding on their loan is on average £4,000 higher.