Rise in over 60s with dependent children

28 May, 2013

StepChange Debt Charity has seen a rise in the number of older people struggling with debts and who still have dependent children. Last year, 627 people over the age of 60 seeking the charity’s help with their debts still had children who were financially dependent on them. This is a 50 percent increase from 2009, when 407 people were in this situation. 

The charity says that the above average debt levels of the over 60s with dependent children is a significant reason why they are struggling with debt. Of those seeking the charity’s help in 2012, 

• the average debt of a couple in their 60s with dependent children was £33,395, compared to £27,788 for a couple in their 60s with no dependent children
• the average debt of single person in their 60s with dependent children was £17,838, compared to £16,540 for a single person in their 60s with no dependent children.

The charity expects this trend to continue in line with the movement for people to have children later on in life, as well as the high unemployment rates for people under the age of 25. 

Commenting on the figures, Delroy Corinaldi, external affairs director at StepChange Debt Charity, said: “The rise in people seeking the charity’s help with their debt who are over the age of 60 and who still have dependent children is expected as people increasingly have children later in life.

“It presents new challenges, particularly those who might be caring for their elderly parents as well, and it is crucial that people factor this in to any decisions on building up debt.”