Older people were recently advised to be responsible with regard to handling their finances by a credit reference agency.

A study by Callcredit suggests that over-55s are the age group most at risk of getting into debt, with 16 per cent of this demographic unable to define their levels of debt.

Over 1.5 million people who are 55 and over claim that they cannot afford to stop work at retirement age due to lack of pension savings.

As such, Mark Ward, consumer debt expert at the firm, advises individuals to check their credit report to find out all details regarding debt levels and credit scores.

He also states that it may be advisable to use cash rather than cards as it can allow people to get a better idea of how much they are spending.

In related finance news a recent study by Birmingham Midshires suggested that 36 per cent of over-55s contribute financially towards their family's household income.