MORE people could be forced to delay retirement in order to pay off their debts, new research has indicated.

Those aged between 50 and 60 owe an average of £41,400 in unsecured debts, 25 per cent higher than the average unsecured debts of other age groups, according to a survey of 40,000 consumers by debt solutions company Payplan.

The situation is worsened by the longer than average time it takes those "pre-retirees" between 50 and 60 to pay off those debts.

They have an average repayment term in a debt management plan of 11 years, said Payplan, compared with nine years for other age groups.

The research also found that pre-retirees spend 15 per cent of their total expenditure on energy bills, compared with 13 per cent across the other age groups.

John Fairhurst, managing director of Payplan, said: "Most people imagine that as they reach the countdown to finishing work, they will have paid off their mortgage and be busily saving for a comfortable retirement.

"These figures show that this is simply not the case for many pre-retirees and highlights a hugely concerning trend towards indebtedness in later life."



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