Rises in the cost of living are helping to force thousands of British pensioners into debt management difficulty, according to a new report.
Millions of retirees are facing money problems as a result of increasing food and fuel costs and for around ten per cent of these people the solution has been covering expenses with credit.
Almost 50 per cent of all the pensioners Engage Mutual polled recently said they are struggling to afford food and energy, while 13 per cent indicated that they were finding it difficult to pay off their credit card debts.
Furthermore, money problems have seen nine per cent of elderly Britons turn to their children in search of financial help.
"With the increased costs of food, fuel and mortgages taking effect, our research shows that those in retirement are becoming increasingly worried about being able to afford their everyday spending," said Karl Elliott, an Engage Mutual Assurance spokesperson.
Earlier this week, uSwitch.com suggested that debt management and money problems are forcing millions of British parents back into work shortly after having a child.