UK citizens over the age of 55 are demonstrating the most difficulty in dealing with debts, according to new research.

A survey carried out by insolvency firm Thomas Charles suggests that around one in four people in the age group with debts higher than £10,000 were either "quite likely" or "certain" to become insolvent.

The figure compares to around ten per cent of 18 to 24-year-olds choosing to go insolvent when in a similar financial position, the BBC reports.

Findings of the survey support earlier assertions made by the Consumer Credit Counselling Services, which stated that the number of enquiries about debt management in the older generation was on the increase.

Meanwhile, elderly people choosing equity release from their homes as a means of funding retirement is on the rise, according to investment commentator Citywire.

The publication suggests that increased numbers are opting for drawdown options rather than borrowing a lump sum when releasing the equity in their property.