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Pensioners in the UK are prone to serious debt new research reveals.

According to recent studies 1 in 5 of 60+ year olds, still have outstanding debt tied to their mortgages. The studies show that as people get older they tend to find that their level of debt increases. The average person nearing retirement is said to owe more than 30,000 pounds.

However, the problem is set to get worse for future generations. With more people “use” to getting into debt, and fewer people willing to save the situation could become critical in the not to distant future.

The resulting effect could see an explosion in pensioners seeking serious debt help such as IVA’s or even bankruptcy. The general consensus is that people are used to borrowing more over longer periods of time, and are becoming to laid back when it comes to credit.

Debt is a problem that is typically associated with youth, however changes in attitude towards personal finances are fast changing that perception.