Retirees sitting on £96.41bn of personal debts
New research from retirement income specialist MGM Advantage reveals that the average retired person has £8,180 of personal debt, collectively equating to a staggering £96.41bn.
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| Amount of personal debt | Number of retired people |
| Between £1 and £5,000 | 2.486 million |
| Between £5,001 and £25,000 | 1.094 million |
| Between £25,001 and £100,000 | 729,000 |
| Over £100,000 | 178,000 |
| None | 6.776 million |
| Don't know | 523,000 |
Aston Goodey, Director, MGM Advantage said:
"These figures are alarming. As the cost of living continues to put pressure on household finances, many retired people will feel under growing pressure to take on debt to fund everyday living. "There are things you can do to minimise the chances of funding your retirement through debt. It is vital that people shop around for the best annuity rate to maximise the income they receive.
"The difference between the best and worst rates can be as much as 50%2. People should also make sure they are claiming all of the State benefits to which they are entitled and also ensure that they have accounted for all old savings accounts and pension plans."
On a regional basis, the average retired person in Wales has personal debt of £13,857, which is the highest in Britain. This is followed by £11,758 in the South West, and £11,255 in London.
| Region | Av.amount of personal debt per retired person |
| Wales | £13,857 |
| South West | £11,758 |
| London | £11,255 |
| West Midlands | £9,417 |
| Scotland | £8,890 |
| North West | £8,094 |
| South East | £7,390 |
| Yorkshire and Humberside | £7,353 |
| North East | £6,511 |
| Eastern | £4,759 |
| East Midlands | £4,164 |
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