The majority of UK consumers may be struggling to save for their retirement after new research revealed that many are suffering from debt problems.
The Co-operative Bank has published new research which shows that over two-thirds (70 per cent) of UK adults now have debt problems, while half of respondents have slipped further into debt during the past year.
Older people may be among the most affected as the study shows that increased energy bills and rising fuel costs have contributed to this accumulation of debt – traditionally areas where elderly people spend most of their income. Perhaps most worrying is the fact that almost a third (29 per cent) of adults are not prepared to confront their debt issues.
Robin Taylor, head of banking at The Co-operative Bank, expressed his surprise that so many people are choosing to ignore their debt.
"Managing your money with steps such as writing a list of incomings and outgoings and regularly checking your bank account will help you get on top of your finances now before problems get any worse," he said.
Earlier this month, a report from The Alliance Trust Economic Research Centre revealed that those aged 75 and over face an inflation rate of 4.3 per cent - higher than all other age groups - due to the high proportion of funds they spend on gas and electricity bills.
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