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Might Equity Release Help the One in Ten Men Retiring with Debts of 50,000
11/02/2011
A recent report compiled by the insurance firm Prudential revealed the shocking statistics that 20% of people planning to retire this year have debts to repay. Furthermore, 10% of men, over the age of 65 years, have debts of more than £50,0000.
On average, of those who are in debt when they reach retirement owe £33,100.
Vince Smith-Hughes, of Prudential, said: ‘These figures show how the “Class of 2011”, a previously risk-averse generation of savers, took advantage of the consumer credit boom of the last decade.’
Homeowners aged over 55 years who are concerned about their levels of debt and would like to know how much money the value of their property could release to help, can find out by contacting therightequityrelease.co.uk for equity release advice.
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