Money Wellness
A close up of a couple sitting at a laptop and ging through their bills
category icondebts
calendar icon03 May 2023

Nearly two thirds of 35-to-44 year olds finding it a burden to repay debt

Almost two thirds (64%) of 35-to-44 year olds in the UK are struggling to repay debts, such as loans and credit cards, new figures show. A report from the think tank the Resolution Foundation reveals 40% are finding it somewhat of a burden and 24% are finding it a heavy burden. This compares with 37% and 7% respectively for those aged between 65 and 74 years old.

Overall, nearly one in five (18%) people are struggling with debt, with poorer groups finding it particularly hard. The research shows out of the fifth of the population with the lowest income, 30% are experiencing difficulties repaying their debts.

Over the winter, 14 million UK adults (26%) used credit cards, overdrafts or other formal lending to cover their living costs. Again 35-to-44 year olds were most likely to do this, with over a third (37%) resorting to this type of borrowing, compared to 14% of 65-to-74 year olds and 10% of those aged 75 and above.

If the rising cost of living means you’re finding repaying your debts is becoming an unmanageable burden, we can advise you on your options for free. It’s best to take action as soon as possible, so why not get in touch?

Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

Related posts

debts

17 Jun 2024

Sir Bradley Wiggins is declared bankrupt. Find out about bankruptcy and what it means for your money

Sir Bradley Wiggins, the eight-time Olympic medal winner, has been declared bankrupt after falling into financial difficulty.

debts

24 May 2024

HSBC fined millions for poor treatment of customers in financial difficulty

HSBC has been fined more than £6m for failing to help struggling customers. Find out how lenders are supposed to help if you're experiencing financial difficulties.

debts

20 May 2024

DRO numbers reach record high after fee scrapped

New figures show scrapping the DRO fee has resulted in more people getting crucial debt help. We're now asking the government to go a step further to help domestic abuse survivors in debt.

debts

16 May 2024

Over 3 million people turned to loan sharks in the last year

Millions of people turned to a loan shark in the last year. Find out what to do if you think you’re dealing with one and what’s driving the rise in illegal lending.