A study from Aviva, which got views from 2,009 people aged 19 plus, found that 16 per cent those aged 45 and over do know how much they owe in outstanding debt, which includes credit cards, personal loans, overdrafts and mortgages.
This is nearly double the figure for adults overall at nine per cent.
The report added that 15 per cent felt their debt was out of control and had no way of paying it off, which increases to 18 per cent for those aged between 45 and 54.
Around 11 per cent of those aged over 55 also say that they are struggling.
The most common source of debt was credit or store card debt at 30 per cent f over 55s, followed by personal loans at 16 per cent and 15 per cent with overdrafts.
Around 10 per cent of those in this age bracket said they had unpaid household or utility bills.
However, the report also showed than over half of 45 to 54 years olds said that their debt had decreased, which is double the figure of 2021.
One in five said they were likely to carry out some or significant debt into retirement. This is across all age groups.
Over a third of people said they cut back on non-essential monthly depending and 21 per cent said they had worked overtime or got a second job.
Around 13 per cent said they had sought advice from debt services or helplines.
Millions to rethink their retirement plans
Alistair McQueen, head of savings and retirement at Aviva, said: “Interest rates have risen to levels we haven’t seen since 20082 – and are expected to rise further. The cost of debt is now centre stage, and millions may be having to rethink their retirement plans.
“Starting to think and plan further ahead as early as possible is a small step that can make a big difference in the long-term. Individuals can take some positive actions to reduce their debt before entering retirement, such as consolidating their debt, paying off high-interest loans or switching to a cheaper rate, alongside reducing unnecessary expenses or taking out a debt management plan.”
He continued: “Also, if appropriate, people could work with a financial adviser to create a full retirement plan that takes their debt into account and ensures that they have enough income to cover their expenses and enjoy their retirement years.”
