Debt Worries Mounting Up for People Aged 45 to 54

A sizable majority of people in the UK aged between 45 and 54 have found themselves worrying about their debts during the pandemic and for many those issues are getting worse.

That’s according to research carried out recently by the insurance company Aviva, which found that concerns about debt are now very widespread among people from that particular age bracket.

Around 78 per cent of 45 to 54 year olds say they worry about their debts, with just over 20 per cent of those people saying they now worry about debt ‘often’ or ‘all the time’.

Around a fifth of Brits in that age bracket also say they think about their financial issues every day and just over a third of those who have debts say they aren’t sure how they’ll ever get out of the red.

While many people do seek out help in dealing with their personal finances, around a quarter of the 45 to 54 year olds polled recently by Aviva said they don’t discuss their money worries with anyone.

For a lot of employed people who maintained their incomes during the pandemic, the past year or so has been a chance to save money but for others the circumstances have been notably less favourable.

Around a quarter of the respondents to Aviva’s polling indicated that their debts had increased to a lesser or greater extent over the course of the past 12 months.

Of the people who said their personal debts are out of control, many blamed a reduced income but others conceded that their own lack of financial skills has been a factor contributing to their situation.

Reflecting on his company’s research and its findings, Alistair McQueen from Aviva emphasised that there is help available to people across the UK who find themselves struggling with personal debts.

“We know that when people feel their debt is out of control it causes huge anxiety,” he commented in a statement.

“What’s important to remember is that there is a range of completely free, confidential and impartial services available to help you if debt is becoming a problem,” he added.

If you live anywhere in Scotland and are worried about your debts then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.