
Its research suggests that many older people benefit from personal loans, including 16% of 65 to 74-year-olds and 17% of over-75s. The report noted that the majority of over-55s are not in debt; however, those who do owe money typically have unsecured debts totalling pound;20,001. This represents a significant increase since May 2011, when the average person over the age of 55 with unsecured debts owed pound;17,112. Clive Bolton, a spokesman for Aviva, said: The over-55s have seen their finances deteriorate over the last quarter as people struggle to keep up with the rising cost of living on a relatively fixed income.
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