Debt is often considered a young persons' problem, but a survey published today suggests the older generation are sinking into more debt than anyone else.
Insolvency group NancollasGreer said it had seen a rise in the number of borrowers aged over 60 who were unable to meet repayments on debts they had amassed. The average outstanding loans among this age group added up to a massive £52,000 - three-and-a-half times the average debt of people under 30.
The group said pensioners who were struggling to make ends meet were falling victim to unscrupulous lending practices and finding themselves trapped in a cycle of debt.
Of course the figures may really show that older people are more reticent about asking for help for debt until it becomes so overwhelming that they have no choice. But the fact that some are facing such high levels of debt is shocking nonetheless.
And a better backdrop to Lord Turner's renewed call for pension reforms could not be imagined.
If the system is not sorted out, he told a press conference this morning, "we will not address the problems of pension adequacy which the Pensions Commission ... was asked to investigate". In other words, the number of people facing money worries in retirement will increase.
Today Lord Turner defended the proposals he outlined last year and refuted claims that paying a higher state pension would cost more than sticking with the current regime. But admitted that either way we would need to spend more on pensions in the future and called for a public debate on the subject.
So are we willing to spend more as a nation on pension provision? And should tackling the problems faced by today's pensioners be a priority, or would the money be better spent sorting out the system for future generations? Or is it time to accept that after we've paid off our student loans and our mortgages we may have to borrow money to fund our old age?
