More than half of Brits aged over 50 still have unsettled non-mortgage debts, such as loan and credit card debt, research shows.
The average non-mortgage debt of the baby boomer generation currently stands at nearly £7,000, although nearly a fifth (17 per cent) have reduced this debt over the last year, according to moneysupermarket.com.
The price comparison website's poll also indicates that another fifth (22 per cent) of over 50s have increased their debt levels in the last 12 months, putting further strain on their credit history.
A minority (five per cent) admit to having increased their debt "a lot" over the last year.
Commenting on the findings, head of loans and debt at moneysupermarket.com Tim Moss explained that it is encouraging that some Brits are taking steps to reduce their debt.
However, he warned: "For those who have seen significant increases in their indebtedness over the last year, I would strongly encourage them to go through their household budget ruthlessly.
"Those struggling to make their repayments must avoid the temptation to try to ignore the problem and should contact their lenders as well as one of the independent and free debt advice charities."
Meanwhile, many retirees wish they had budgeted better during their first year of retirement, according to a recent survey by Aviva.
The insurer's poll also indicated that if they could turn back the clock they would have retired earlier in their life and started saving for their pension earlier on.
