UK pensioners are six times more likely to go bankrupt than ten years ago, says data released by the Insolvency Service.
People over 65-years-old are applying for bankruptcy at a 50 per cent higher rate than any other age group.
From 2000 to 2009 the percentage of women over 65 going bankrupt rose from 2 per cent to four percent.
Finance experts blame the difficulties of dealing with debt as you get older, an increase in the number of people reaching retirement age with debt, and a lack of opportunities to generate income when older as reasons why the figures are so high.
A spokesperson for the Insolvency Service said on the BBC website: "Although personal insolvency levels are no longer rising, they remain stubbornly high, reflecting the high levels of personal debt that persist across the country."
The figures from the Insolvency Service show that, although the number of bankrupt pensioners was rising, it remains much lower than those of working age.
The average age for someone in England and Wales filing for bankruptcy is 41-years-old.
The research conclusions from the Insolvency Service go against the overall trend that there has been a decline in personal insolvency cases following a steady upward trend over the last decade.
In 2009 insolvency numbers were the highest for 20 years as a result of the financial crisis.
Swelling bankruptcy among pensioners 'a concern' (BBC)
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