Brits aged 50 and 60 are faced with significant amount of debt and as a result may be forced to postpone their retirement, according to a new study.

The report by Payplan shows that the over 50s who are on a debt management plan were struggling to repay the average debt of £41,400 arising from unsecured borrowing, credit cards and loans.

The debt solutions group Payplan said that the pre-retirees figure was 25% more than the average debt for other age groups which stood at £32,700.

 Payplan says that the debt management plan which serves as an informal arrangement with creditors allows debts for those aged between 50 and 60 to repay at an affordable rate.

However, because the average length of a debt management plan for over 50s is 11 years, it could take longer be debt-free compared to other age groups which only takes nine years.

At the same time the research by Payplan shows that the amount of time it takes the over 50s to get in the black has increased by 27% in the past year compared to younger people.

The debt solution company also studied 40,000 debt management plans of which 14% belonged to customers aged between 50 and 60 for this year up to end of June.