According to the research by a price comparison website, more than half of the UK’s population over 50 has an average of nearly £7,000 non-mortgage debt.

In turn, this means that nearly half (48%) of Brits aged over 50 have reduced their outstanding borrowings, with 21% claiming to be ‘in a lot less debt now compared to one year ago’, the research suggested.

Over 20% of those over 50 have taken on more debt in the last 12 months, with 5% increasing their debt over the same period.

The matter of concern here is that of those who are still carrying debt, 15% believe debt will always be a part of their life, and they expect to live life in the red and nearly half (48%) of those whose debt has increased in the past year said they had gone further into the red in order to make ends meet when it comes to paying the bills.

Tim Moss, head of loans and debt at the website, said: "At a time when people should definitely be decreasing rather than increasing their borrowings, it’s encouraging to see that a good number Brits aged over 50 are taking active steps to reduce the amount they owe."