The danger of debt for older people

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The latest research reveals that debt trouble can spell depression, particularly for eldery people.

Researchers at the Personal Finance Research Centre at the University of Bristol have shown what they describe as a “staggering” and “inextricable” link between financial problems and low mental well-being in older people, concluding that this latest prolonged and difficult recession could leave a health time bomb linked to high levels of personal debt.

The study shows that older people who get into financial difficulties are eight times more likely to report being mentally unwell or depressed than those who live comfortably.

Last year bankruptcies among over-65s rose by 470 per cent to 1,972 people and the size of debts also increased with an over-55 borrower having 36 per cent more unsecured debt than in 2011.

The research analysed data from the UK’s largest social survey, Understanding Society, in which nearly 20,000 people aged 50 and above were questioned.

To read more about this research, please see our sister site Society Central and read the article: What is the real cost of debt?

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this news has been re-posted from the Understanding Society website