Pensioners £57bn debt puts paid to a happy retirement

One in five pensioners - more than a million people - owes an average of £38,000 on their mortgage.

One in eight has more than £50,000 to pay, according to the research.

The money is part of a total of £57billion owed by the elderly to banks and other lenders.

Apart from mortgages, credit cards and other loans have led to debts averaging £5,900 for almost one in three pensioners.

And children are little help as more and more older parents still support their offspring long after giving up work themselves.

Almost one in ten of those over 65 has to plunder a pension to support children.

On top of that, according to the study for insurer Scottish Widows, a younger generation leaving it late to buy a home are creating a financial timebomb for their own retirement.

Ian Naismith, of Scottish Widows, said: "The knock-on effect of getting on the housing ladder later is that money that could have been put into a pension is being used on monthly mortgage payments."

The YouGov survey, which questioned 5,414 people, found that the average household income for retired workers is £22,900.

When asked how much they would need to feel well off, pensioners said £27,700 on average.

Kate Jopling, of Help the Aged, said: "When people don't have work to fall back on, financial worries can be incredibly stressful and have a ripple effect on general health and wellbeing."

The position looks like getting worse when the next generation stops working.

Almost half of homeowners in their 50s owe an average of £54,300 on their mortgage, while a quarter of those between 60 and 64 owe £42,800.