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Older generation feeling pinch

New research has suggested that the 'buy now, pay later' culture is catching up with the older generations.According to figures from Callcredit, as many as 16 per cent of over 55s cannot define their debt levels and many are beginning to face serious difficulties with their finances.Commenting on the figures, Mark Ward, consumer debt expert at Callcredit, said: "It is a sobering reminder about the importance of being responsible when taking on debt and always thinking about how you will repay the money you owe."He added: "It is essential that people start to borrow more carefully in order to avoid having to owe more than we are able to pay back."Callcredit warns that the problem will get worse because many people are not saving for their retirement and will therefore end up getting further into debt as they get older.Over 1.5 million people aged over 55 said that they could not retire at state pension age because they would not have enough money to live on, the research found.

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