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According to new research from the Scottish Widows UK Pension Report, retirees' average debt is increasing.

Non-mortgage debt - which includes outstanding payments on credit cards and personal loans - has risen by £612 since last year and £1,414 since 2007, according to the study.

Almost one six of all retired people in the UK also have an outstanding mortgage, with an average debit of £50,100. This is an increase of £8,000 since last year.

Ian Naismith, head of pensions market development at Scottish Widows, commented: "The recession has seemingly done nothing to encourage retirees to cut their debt, and with the possibility of the value of their property dwindling, they could be leaving themselves in a vulnerable position.

"Those in retirement should be able to enjoy life and not worry about the financial burden of debt, as well as their retirement income."

Becky Wilks, spokesperson for the Money Advice Trust, said people who are approaching retirement should try to pay off their debts.

Posted by Jack Ramsay

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