Figures published in September stating that around seven per cent of all people going bankrupt in 2007 were retired - a four per cent increase since 2002 - have been questioned by the Saga Group.

In response to the statistics from accountancy firm Wilkins Kennedy, a spokesperson for the group stated that in the firm's experience, older people "are actually quite canny with their money" and that the figures may have represented an increase from "an exceptionally low base".

The spokesperson added that some 80 per cent of the nation's wealth is owned by people over the age of 50, while half is owned by people over 65.

He concluded by stating that the firm does not encourage people to have credit limits that are beyond their ability to handle.

Figures released by Scottish Widows in August indicated that one in 12 retired people still has financially-dependent children.