Legacy debt issues predominantly affect older individuals nearing retirement, contrary to the popular belief that younger families are the most over-indebted. An analysis by IRS Ireland reveals that 79% of their insolvency clients are over 50 years old, with many facing debts from mortgage commitments made during the Celtic Tiger era. The findings suggest that those aged 50-60 represent a significant portion of people seeking debt resolutions, indicating that financial struggles may escalate as individuals near the end of their working life.
"Our data shows that the path to insolvency converges significantly on the later stages of a person's working life and beyond."
"A staggering 79pc of our clients are over the age of 50."
"This provides invaluable context for us and our colleagues in the legal, accountancy and Mabs advisory services."
"Those in their 50s and 60s are at a critical point in their lives where legacy debt, reduced earning capacity or business distress could derail their long-term financial plans."
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