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Growing old disgracefully

Clients are living longer, but can they afford to? Seemingly not ?as advisers are increasingly dealing with debt and bankruptcy in ?later life, says Matthew Chadwick

22 May 2013

The UK’s ageing population is set to cause no end of challenges over the next decades. The average 65-year-old man is expected to live 20 years and women another 26 after leaving employment. The impact will be felt everywhere. But even prosperous individuals are not preparing adequately for this extended period.

Some worrying trends have emerged in recent years. They point to a sharp increase in the number of older people falling into debt and bankruptcy at a time when, traditionally, they might have enjoyed financial stability. Between 2006 and 2012, BDO observed a 200 per cent increase in the number of bankrupts over 50. Over the past year, 43 per cent of BDO appointments as a trustee in bankruptcy have applied to individuals over 50, with 6 per cent applying to those over 65.

In most cases, ban...

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