Retirees Sitting on £96.41bn of Personal Debts

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New research from retirement income specialist MGM Advantage reveals that the average retired person has £8,180 of personal debt, collectively equating to a staggering £96.41bn.

The average level of personal debt for a retired man is £9,007, compared to £7,350 for a retired woman. Around 178,000 retired people each owe £100,000 or more, and just over 729,000 owe between £25,000 and £100,000. Only 57% of the retired population has no personal debt.

Amount of personal debt Number of retired people
Between £1 and £5,000 2.486 million
Between £5,001 and £25,000 1.094 million
Between £25,001 and £100,000 729,000
Over £100,000 178,000
None 6.776 million
Don’t know 523,000

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