Baby boomers run up big debts

13 April 2012

THE 'baby boom' generation is running up higher debts than any other age group. A study claims that fifty-somethings who expect to have new cars, gadgets and exotic holidays are struggling to pay for them.

And many are now faced with heavy costs to subsidise their children through university or the care of elderly relatives.

As a result the age group's ability to save for retirement is under threat.

The Consumer Credit Counselling Service (CCCS) analysed the records of 21,000 clients to produce a debt profile of the nation. It found that those in their 50s owed an average of £19,845, much higher than the average of £14,701 owed by its younger clients.

The research, which was carried out with Age Concern, said that older people have traditionally been fearful of debt.

But the 'baby boomers', born into an optimistic post-war world, are used to living well, and credit cards and debt have been a way of life.

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