UK Money News
21st December 2007
Borrowing culture 'repeating on consumers'
The borrowing culture relied on for so long by one generation in the UK is starting to come back to haunt them, according to one firm.
CallCredit, which provides credit reports to the public, has taken the recent case of "disappeared" canoeist John Darwin as an example of the lengths people in need of help with finance will go to when trying to outrun their debts.
Research conducted by the firm suggests that 16 per cent of people aged 55 and older cannot reliably state how much they owe.
"It is a sobering reminder about the importance of being responsible when taking on debt and always thinking about how you will repay the money you owe," said Mark Ward, consumer debt expert at Callcredit.
Meanwhile, around 1.5 million people in the same age range state that they will need more help with money to retire as they will not be able to survive on the state pension alone.
As more than one in four Britons are failing to make provision for retirement, the pensions gap is increasing, the personal finance firm warns.
Meanwhile, recent analysis from financial service firm James Hay reveals that women may be in greater need of help with finance than men, given that only 15 per cent of self invested personal pensions are taken out by women.
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