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Nearly a fifth will have debts before retiring this year
Almost a fifth of people in the UK who are retiring this year will do so with a debt problem, according to a new survey conducted by Prudential.
The insurer found that 18 per cent of all of the people who plan to stop working this year are going to do so while owing money to someone.
The average amount which is owed by those heading for retirement is £38,200.
While there will be a smaller proportion of people retiring into debt this year, with the figure sitting at 20 per cent in 2011, each of those retiring owes more, with the average sitting five per cent higher than last year.
Vince Smith-Hughes, Prudential's retirement income expert, said: "Retiring with outstanding debts could be a sign of a lack of financial planning. It is important therefore for those still at work to save as much as possible as early as possible."
In further bad news, Prudential said last week that the average retirement income this year will be the lowest since 2007.