According to the latest quarterly research published today by leading debt consultancy, Thomas Charles (www.thomascharles.com), problems with debt increase with age.
According to research conducted in April 2007 in conjunction with YouGov, those in over £10k of unsecured debt reporting some likelihood of insolvency (‘quite likely’ – ‘certain’) rises steadily from just under 1 in 10 18-24 year olds (9%), to almost a fifth of 35-44 year olds (18%), right up to almost a quarter of 55+ year olds (24%).
The increase in financial commitments that comes with age is also reflected in the numbers experiencing regular repayment problems (‘quite frequently’ > ‘every month’). The proportion rises steadily from 14% of 18-24 year olds, to almost a quarter of 35-44 year olds (24%), up to almost a third of 55+ year olds (32%).
This means 55+ year olds are 167% more likely to go insolvent and 129% more likely to experience debt repayment problems than their 18-24 year old counterparts.
Looking at the figures overall, 1 in 4 (25%) indebted Britons are now struggling to meet repayments. Those in over £10k of unsecured debt reporting regular debt problems (‘Quite frequently’ > ‘Every month’) increased by 9% since the last quarter (from 23% to 25%), and by 19% (from 21% to 25%) year on year.
See full Press Release.
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