Middle-aged, injury and debt problems
Middle-age is the danger time when people are most likely to be left with a debt problem as a result of illness or injury.
Far more people seeking our help with their debts in the age group 40-59 give it as the reason for their debt problem – even more so than those over the age of 60.
Consistently over half of all of our clients who cite this as the cause of their debt problem are in this age group.
- Last year, 5,127 people aged 40-59 gave it as the reason.
- 410 of those aged under 25
- 1,965 of those between 25 and 39,
- and 1,123 for those over 60.
Underlining the financial vulnerability in middle age to injury and illness is the fact that, although 45 percent of all StepChange Debt Charity clients are in the age category 40-59, 60 percent of all clients who gave injury or illness as the reason for their debt problem were aged between 40-59.
We think that the plight of those who find themselves with a debt problem in middle age as a result of illness or injury highlights a wider issue, the financial devastation that both can cause and the need to ensure a safety net for those unable to repay their debts through no fault of their own.
That while most people expect their income to peak in middle age, so having it unexpectedly limited by illness or injury can be particularly hard to deal with.
While payment protection insurance offered help and support to those who found themselves in this situation until misselling ruined it, so now there is an issue about the lack of suitable financial products that people can use to insure that they will be able to repay their debts if illness or injury render them unable to work.