One in eight brits are delaying retirement for up to 10 years due to debt

The decision to stop working can be daunting for many Brits. Understanding retirement can sometimes be the difference between having a secure financial future or taking a risk which can lead to financial repercussions. But how many Brits are delaying retirement because of debt, and what retirement myths are misleading Brits the most?

Credit management company Lowell has conducted research to uncover whether Brits are delaying retirement because of debt. The findings also show the publics misunderstandings when it comes to retirement.

Brits delaying retirement due to debt

Lowell’s research revealed that 17% of Brits who are delaying retirement due to debt are doing so for at least 5 years, and one in eight (12%) are delaying it for at least 10 years.

Specific research into Lowell’s Customer Panel[2] revealed that almost a third of Lowell customers (31%) aged over 45 said they have considered or are actively delaying their retirement due to worries about debt. Worryingly, one in 10 (10%) Lowell customers aged 45+ said that they will never be able to retire.

The research also highlights that over one in five (21%) Brits are worried that their pension isn’t enough to live on. The table below reveals the true impact debt can have on retirement, with many Brits believing retirement will be delayed for 2 or more years.