Your golden years - thats a laugh!

One in eight Scots will retire this year saddled with debts, research has claimed. The study found that 18% of those due to retire this year in the UK will be in debt. On average, those planning to retire this year with debts will face repayments of £260, around a fifth (19 per cent) of their expected £1290 a month income.

The average amount owed by those wrapping up their working life is around £38,200, with mortgages and credit cards making up the bulk of the debt. The figure is £5000 higher than the year before. The study found half of those with debts still owed money on their home loan and more than half (51%) were struggling with their credit card bills.

Citizens Advice Scotland said older Scots were saddled with "staggering amounts of debt".

Its own research, published last year, found that the average unsecured debt, excluding mortgages, was £17,767. Susan McPhee of CAS said: "That's a staggering amount of debt to service, and still keep warm and put food on the table."