Responding to a new survey by Wilkins Kennedy which showed that bankruptcy among the elderly had increased, on expert has suggested most people are "quite canny" when it comes to personal finance.

A spokesperson for Saga said that while there are people facing financial hardship because of how easy it is to obtain credit, many people have a "strong dislike" for getting into debt.

However, society's attitude towards debt appears to have changed, he said, arguing that people seem to be "happier" with higher levels of debt.

According to Wilkins Kennedy, the percentage of people filing for bankruptcy who are retired has doubled over the last five years.

The firm noted that the number of pensioners who have become insolvent over the course of the last year rose to 7,900 from 900 in 2002.

Keith Stevens, insolvency partner at the company, said that many older people go bankrupt because their pension is their only income.


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