Nearly one in five Britons retiring ‘still have debt to clear’

Nearly one in five retiring this year will still be in debt, owing �33,900 on average
Nearly one in five retiring this year will still be in debt, owing �33,900 on average
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Nearly one in five people retiring in 2018 will be doing so in debt – owing £33,900 on average – a report suggests.

Some 19 per cent of people planning to retire in 2018 say they will be carrying some form of debt with them, with credit cards and mortgages the most likely sources of borrowing still left to pay off, Prudential found.

Men are more likely to be expecting to retire in debt at 22 per cent versus 16 per cent of female retirees.

People in the north-west of England are the most likely to be expecting to retire in debt.

On average, those retiring with debts expect to clear them in three-and-a-half years. One in seven (14 per cent) expect to take seven years or more to pay off their debts and one in 16 (6 per cent) believe they will never clear the money they owe.