An increasing amount of older people are developing debt management difficulties, new figures reveal.

According to research conducted by Key Retirement Solutions, the average Briton aged 60 or above owes an average of £35,480 accrued on Personal Loans and other forms of unsecured debt, reports Reuters.

Meanwhile, two-thirds of people in this age group were reported to owe something via unsecured debt.

Director Dean Mirfin said: "It is likely that some people have long-term debts that they’ve failed to shrug off in to old age, but for many the allure of direct mail on their doorstep from lenders offering them ‘easy’ credit to help ease the rising cost of living, has certainly added fuel to the fire."

The study also revealed that those over 70 are reported to have an average £40,000 in unsecured debt.

Meanwhile, the average pensioner has a personal loan debt of £9,098.

Earlier this month, findings by the Alliance Trust Research Centre indicated that those aged 75 and above faced an inflation rate of four per cent during April, compared to official figures of 2.8 per cent.

As a result those in this age group may struggle to cope with debt management and making personal loan repayments.

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