Retirement lending market to double over next 10 years
The size of the retirement lending market in the UK is set to rise from £65bn in 2017 to more than £142bn in 2027 – an increase of over 120%, according to research from more 2 life in partnership with the Centre for Economics and Business Research.
Their definition of the retirement lending market includes all types of secured and unsecured debt including mortgages, credit cards, overdrafts, loans, car finance, hire purchase, student loans, payday loans, and store cards.
more 2 life predicts that total debt among the over-65s will pass the £100bn mark by 2023 and that the average total debt of every 65-74 year old in the UK will rise by £10,000 between 2017 and 2027, from £12,500 currently to £22,700 in 10 years’ time.
The size of the retirement lending market in the UK is set to rise from £65bn in 2017 to more than £142bn in 2027 – an increase of over 120%, according to research from more 2 life in partnership with the Centre for Economics and Business Research.
Their definition of the retirement lending market includes all types of secured and unsecured debt including mortgages, credit cards, overdrafts, loans, car finance, hire purchase, student loans, payday loans, and store cards.
more 2 life predicts that total debt among the over-65s will pass the £100bn mark by 2023 and that the average total debt of every 65-74 year old in the UK will rise by £10,000 between 2017 and 2027, from £12,500 currently to £22,700 in 10 years’ time.
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