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Older males 'have large debts' in UKUK, February 17, 2007 - According to recent research older British men have the worst debt problems. There has been a boom in demand for debt advice for older people in the past year, with a 65 per cent increase in clients. It says this is partly because of greater awareness of the help available and an expansion of its own services. However, at the same time, charity Citizens Advice said it had seen a 15pc increase in debt cases year-on-year. Citizens Advice cited higher bills for the surge in people wanting help with debt. "The combination of people experiencing increases in fuel bills, and rising housing costs puts additional pressure on people's finances which were already stretched to the limit," Teresa Perchard, CAB's director of policy said. The report advised that there had been a rise in the number of elderly people asking for help, with men over 60 owing on average £36,940. That made them the clients with the biggest debts, both in absolute terms and also in relation to their incomes. Men over 60 had an average ratio of debt to monthly income of 36:1. When the female clients were taken into account, the age group with the biggest debt problems, regardless of gender, tended to be those between 40 and 59. Even though they earned the most (an average of £1,453 a month each), they also had the biggest debts, averaging £35,000. As well as elderly people, other groups seem to have particular need for advice in dealing with their debts. The report advised it had seen more single mothers on low incomes, and aged between 40 and 59, asking for help. Despite their thrifty reputation, the charity also noted that it had seen a big increase in the number of clients from Yorkshire aged over 60. The total amount of personal debt in the UK, excluding mortgages, rose by 9pc last year to £213bn, according to the Bank of England. |
