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|
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