In what should be their golden years, millions of pensioners face a harsh financial reality: debt. This silent crisis is leaving 33% of UK retirees with an average debt of £17,000, and the toll is more than just financial.
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Driven by the high cost of living, inflation, limited pension savings, and the pressure to support family as the “Bank of Mum and Dad,” many pensioners are caught in a cycle of loans, mortgages, and credit card debt.
This not only affects those in retirement but those who are close to retirement who may have plans that are not on track.
This video delves into the unseen struggles faced by pensioners, highlighting key findings from SunLife’s Life Well Spent Report and examining factors that contribute to this growing issue.
Our analysis explains how poor pension preparation, economic pressures, and family commitments are leading retirees toward debt in unprecedented numbers.
We also explore some potential solutions, from debt management and financial counselling and education to careful use of equity release and policy improvements that could alleviate some of the financial strain for future pensioners.
Chapters
00:00 Introduction
02:00 What is the scale of the crisis?
02:48 What’s causing this debt problem?
03:43 The debt breakdown and monthly cost.
05:00 The emotional cost of the problem.
05:53 What are the solutions?
#retirementplanning #pensionercrisis #costofliving #debtfree #retirementgoals
Crazy stats, great video as always ????
Excellent video and all on the information you have given is really important.
I have some observations on the statistics though:
I suspect that the people with difficulties have not inherited well, getting statistics on this would be interesting, those that inherit well don’t face these issues. Perhaps people in these situations should blame their parents?
Is it lack of financial discipline or lack of income that causes the struggles?
Statistics hide the root causes.
Thankfully your video suggests great advice and even help numbers which should help
Thought provoking, I'm fortunate enough to have retired at aged 57.
I have paid the mortgage off,no credit card debt.
We have a car on PCP which has another year to run.
Money has been saved to pay for it, so I think all is fine.
I don't think I could ever have retired if I still had a mortgage to pay or rent for that matter.
Cheers. ????