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Grandparents in debt to tune of 80 billion
Grandparents in debt to tune of 80 billion
Scottish Widows Bank
9 May 2006 United Kingdom Savings, Pensioners & Retirement, Investment - Property
New research from Scottish Widows Bank reveals one in six pensioners in the UK have an outstanding mortgage on their home – each with an average debt of £45,313 – making a nationwide debt of almost £80 billion. What is more, one in three owe more than £50,000 and one in ten more than £100,000 putting increased pressure on retirement income. Getting on the housing ladder later in life means that money that could have been put into a pension is being used on monthly mortgage payments. It is thought that this trend will continue to grow for as long as first time buyers struggle to get onto the housing ladder before the age of 35.

More details are generally available exclusively to subscribers of Perspective, the electronic pensions legal & regulatory information and news service. To read the summary, subscribers should launch Perspective and navigate via the Table of Documents to PensionSurveys >> May 2006 or click here (this link will not work in all circumstances). For further information about Perspective click here.

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