Pensioners Becomming Ill With Money Worries
The effects of the credit crunch and recent recession have left many individuals in the UK worrying about their finances and how they can reduce their personal loans and credit card debts in particular, whilst others are struggling to keep up with their loan repayments and trying to avoid falling into arrears on their loans.
But a new survey has revealed that retired people are some of the worst affected by money worries and concerns about keeping on top of their personal loan and other debts.
The survey, which has been conducted by the insurer AXA, estimates that somewhere in the region of 9 million pensioners are actually making themselves ill through worrying about the day to day running of their finances and maintaining their loan repayments.
Debt for retired people is becoming more of a problem, as more and more individuals are retiring without adequate financial retirement provision. Furthermore a higher percentage of people are now retiring with outstanding debts on their home owner loan, personal loans and credit cards.
Sickness over money and debt worries is now a recognised medical condition, known as “Money Sickness Syndrome” and a growing number of individuals are now suffering form the condition due to their personal loan and other debt worries, although pensioners seem to be more susceptible to the condition than those still in employment.
The survey also found that although pensioners are most likely to become ill over money and debt worries, they are the least likely to seek advice, or professional help on the matter. Just over a third of pensioners have sought help or advice to manage their loans and finances and only 5 per cent have sought advice from an Independent Financial Adviser.
A spokesman for AXA said “Pensioners today have a lot to contend with. And while it’s no surprise to find money worries are a concern for them, it is deeply worrying that it is affecting their health in such a way.”
