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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#financialeducation #financialfreedom #financialplanning #retirement
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
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As I’m closing out my 2018 Year in Review, I wanted to take a look at home much money I put to debt this entire year. I went through each of my current debts from 2018 (4 in total: 1 credit card, 2 student loans and 1 car loan) and looked at how much I paid. These payments are both principal and interest, but it’s crazy how much I did this year and how much room for improvement I still have on my debt free journey. What are you doing in 2019 to tighten your budget to hit your financial goals?
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