Britain’s pensioners are the fastest growing group of bankrupt individuals in the UK, figures from The Insolvency Service show.
The Insolvency Service says that while bankruptcy levels among the over 65s are the lowest in the UK, the number of bankrupt individuals in this age group has shot up six-fold over the last decade and at a 50 per cent faster rate than other age groups.
For women over 65 the rate of bankruptcy has increased by over ten times between 2000 and 2009.
The Insolvency Service chief executive Stephen Speed says: “Although personal insolvency levels are no longer rising, they remain stubbornly high, reflecting the high levels of personal debt that persist across the country.”
Consumer Credit Counselling Service spokeswoman Una Farrell says: “Dealing with debt is particularly hard as you get older as you are likely to have limited opportunities to increase your income. CCCS clients aged 55 and over have on average higher debt levels but lower incomes than overall CCCS clients.
“It is very difficult to be struggling financially at a time in your life when you had expected to be more settled.”