Research based on a study of 1,250 bankrupts in England and Wales found the proportion of pensioners going bankrupt has more than doubled in five years . Of bankruptcies in England and Wales during 2007, 7% involved retired people - up from 3% in 2002 . This meant 7,900 pensioners were declared bankrupt over the past year, compared to 900 five years previously.
Researchers warned that the figures are likely to get even higher, as increased life expectancy and rises in the price of food and fuel put a greater strain on the limited savings of many pensioners.
Keith Stevens, insolvency partner at Wilkins Kennedy, said: "More and more pensioners are going bankrupt as they struggle to repay debts when their pension is their sole source of income. "
Senior citizens could be missing out on money to which they are entitled because of the complexity of the government's pension credits system
Older people unused to being offered credit "may take on unmanageable levels of debt".
The problem might be worst in rural areas. That could be because of pensioners not being able to rely on free public transport, and fewer opportunities for part time work.
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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