Retired Britons are £100bn in debt Retired Britons are sitting on a staggering £96.4bn in personal debt. The average retired person has £8,120 of personal debt, according to figures gathered by MGM Advantage, a retirement income specialist. Men are reportedly suffering a greater debt burden, owing just over £9,000 on average in comparison to the £7,350 owed by the average woman. With only 57pc of the retired population debt free it is evident that a substantial proportion of pensioners across the country are facing considerable financial difficulties. There are almost 2.5 million retirees with relatively small debts of between £1 and £5,000. However more than 900,000 people owe in excess of £25,001 - including 180,000 retired people who have personal debts of over £100,000. Worryingly, more than half a million people do not even know whether they are in debt or not. Regionally, the retired population of Wales owes the most, with the average person owing almost £13,900. Pensioners in the East Midlands owe the least, on average registering £4,164 in personal debt. Aston Goodey, director of MGM Advantage, has described the figures as "alarming," adding that "as the cost of living continues to put pressure on household finances, many retired people will feel under growing pressure to take on debt to fund everyday living." As changes to the state pension comes into force it is important than ever that the retired population takes every measure to take control of their personal finances. Those approaching retirement are urged to claim all the state benefits they are entitled to, check www.direct.gov.uk for details. Pensioners are missing out on up to £5 billion a year in unclaimed pension credit, housing and council tax benefits, as well as attendance and disability living allowances. Mr Goodey also urged retirees to keep a track of old personal or occupational pension arrangements, this can be done via the Department for Work and Pensions tracing service at www.thepensionservice.gov.uk.