Retired nation sits on £96.41 billion of personal debt

New research from retirement income specialist MGM Advantage reveals that the average retired person has £8,180 of personal debt, collectively equating to a staggering £96.41billion.  The average level of personal debt for a retired man is £9,007, compared to £7,350 for a retired woman.  Around 178,000 retired people each owe £100,000 or more, and just over 729,000 owe between £25,000 and £100,000.  Only 57% of the retired population has no personal debt.

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