UK debt held by retirees totals GBP57 billion, according to a Scottish Widows UK pension report.

The research indicates that more than 20 per cent of retired UK homeowners have an unpaid mortgage, with an average debt of £38,000. One in eight people owes more than £50,000 - placing more pressure on retirement income.

Almost one-third of retirees have short-term debt, such as personal loans and credit cards, averaging £5,900.

One in 12 elderly people also have financially dependent children.

Head of pensions market development at Scottish Widows Ian Naismith said: "Our research shows that by the time they come to retire, a significant number of pensioners still have a mortgage outstanding on their property, adding financial pressure to their hard-earned retirement fund."

Mr Naismith added that it was imperative for those consumers nearing retirement who still had unpaid mortgage debts to consider how to best deal with unpaid sums of money when living on a reduced income following their retirement from work.

Scottish Widows is a life insurance, pension and investment company founded in 1815.