A recent study has revealed that older people in the UK are increasingly finding it difficult to manage their finances resulting in mounting loan repayments and increasing debt.

The figures released by Key Retirement Solutions showed that a significant proportion of Britons over the age of 55 have some sort of debt which is affecting their everyday lifestyle, usually a loan or credit card repayments, which on average totals £11,106.

The study also revealed that loan difficulties mostly affect those within the 55-59 age bracket, as opposed to those over the age of 70 who suffer the least.

Dean Mirfin, business development director for Key Retirement Solutions, said: "As the cost of living is on the up, these figures, even if they are only part reflective of pensioners as a whole, are of real concern. Retirement should be a time to enjoy yourself after all those years of hard work, yet one in 20 people in their 60s, 70s and 80s admit to constantly struggling to keep up with financial commitments or having fallen into arrears. The cost of living for the elderly has surpassed inflation over the past decade therefore it is more important than ever that consumers are aware of the dangers of approaching retirement with such large amounts of debt."