The older you become the broker you might be
Debt problems increase with age and one in four people in the UK are struggling to meet their repayments, according to debt consultancy Thomas Charles.
Research undertaken in April 2007 in conjunction with YouGov, showed that the proportion of those in over £10,000-worth of unsecured debt anticipating the likelihood of insolvency rises steadily from under one in 10 for 18-24-year-olds, to almost a quarter of 55+-year-olds.
The increase in financial commitments that comes with age is also reflected in the numbers experiencing regular repayment problems. The proportion rises steadily from 14% of 35-44-year-olds, to almost a third of the 55+ group.
The figures show that 55+-year-olds are 167% more likely to go insolvent and 129% more likely to experience debt problems than their 18-24-year-old counterparts.
James Falla, director of Thomas Charles, said: “The age trend identified in this latest research is supported by what we see every day in our work at Thomas Charles. As age increases, so do expenses and financial commitments.
“A young person’s life, for example, might typically take the route of a relationship, moving into a property together, marriage, children and possibly even divorce.
“It’s not surprising that we are general increase in the number of people struggling with debt and considering insolvency.”