According to debt charity StepChange, the over 60s owe more than any other age group seeking the charity’s help, averaging £22,999 last year, almost five thousand pounds higher than the average debt for all of the charity’s clients which is £17,635. 

The charity states that over 60s debt levels have increased 40% since the start of the economic crisis.

The higher debt levels of the over 60s is driven mainly by credit card debt, which is an average of £15,152 compared to £10,006 for all age groups.

This age group also owes more on catalogue debt (£2,026 for the over 60s compared to £1,808 for all age groups), overdrafts (£2,467 for the over 60s compared to £2,026 for all age groups), and store cards (£2,005 for the over 60s compared to £1,196 for all age groups).

This age group owes less than the average on personal loans and payday loans, but the charity says that it is a growing problem.

Delroy Corinaldi, external affairs director at StepChange Debt Charity, said: “The rise in the number of older people seeking help from the charity along with their higher than average debt levels is very worrying.

“Whatever someone’s income level during their working years, most would expect to be in a stable, if not comfortable, financial situation when they are older.
“Unfortunately those in this age group who are struggling with debt are particularly vulnerable as their earning potential has diminished.

“It is therefore crucial that they do not suffer alone and are given the help and support they need to deal with their financial situation.”