A Shrewsbury-based insolvency expert, says the the number of personal insolvencies is falling.
The latest available data from The Insolvency Service, shows that while the 35 to 44-year-old range has the largest number of individual insolvencies, the 45 to 54-year-old-group had leapt from representing fewer than 15% of individual insolvencies a decade ago to making up 25% in 2011.
The older generations are now being hit harder by insolvency and the number of individual insolvencies for over 55’s increased between 2009 and 2011.
Tim Corfield, from Griffin & King Licensed Insolvency Practitioners, said: “The impact of insolvency on an older person is much greater.
"Younger people have a much better opportunity to start again and psychologically won’t have felt such an impact of losing everything. It’s much more difficult for older people to re-train and re-enter the job market even though they may well have great skills to compliment any business or workplace.
“I am seeing many more situations where the younger generation are now supporting the older generation rather than the other way around.”
The good news is that the overall number of personal insolvencies has fallen from 135,089 in 2010 to 119,031 in 2011.
If you want to discuss any finance or insolvency relatd issues, call Griffin & King on 01743 491239. ]]>
