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.

Welcome back to the  @Economese  channel where together we will learn the language of money and wealth.

#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