Nearly twenty percent to retire with debts in region

Some 18% of people in the North East planning to retire this year will have outstanding debts, an insurer has found.

This figure matches the national ststistic, with 18% of Britons planning to retire in 2013 will owe an average of £31,200, Prudential said.

However, the typical amount of money owed has dropped compared with a year ago as more people retire mortgage-free.

The average amount owed by someone planning to retire last year was almost a fifth higher at £38,200, while the share of people retiring in debt has held steady at 18%.