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U.K.’s Number of Elderly Folk Trapped in Debt Doubles, FT Says

The number of elderly people trapped into debt in the U.K. has almost doubled in the past five years and they risk loosing their life savings, the Financial Times newspaper said.

More than 427,000 households with people aged over 70 are already in financial trouble and have fallen at least three months behind with repayments or are a target of some form of debt collection, the report said, citing the Consumer Credit Counselling Service. The number of people aged 66 or over who have become insolvent has almost doubled since 2007, according to accounting company RSM Tenon, the FT said.

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