A major financial services company has warned borrowers to check the fine print on their credit cards before using them to spend large amounts of money.

Scottish Widows said that for older people, outstanding bills are becoming more and more of a problem, especially for those nearing retirement age.

 A survey released by the group earlier this month noted that pensioners now owe more money than ever before, with an average debt of over £7000 on loans and credit cards.

According to a company spokesperson, many people would greatly benefit from financial advice within the workplace as a way of prioritising financial commitments.

 He noted that this kind of structured advice could help prevent people falling into bad habits and finding themselves in a serious financial hole.

"Financial planning in the workplace is a great way to alert everyone to the importance of saving for the future, and raises awareness of the need to prepare adequately for retirement," said John Taylor from Scottish Widows.