Those over the age of 65 are expected to owe around £86bn by the end of 2018, according to figures from the Centre for Economics and Business Research (Cebr) and More 2 Life.

Overall debt had increased on last year’s figure of £78bn, as borrowing grew £35bn in just three years.

The figures predicted that all types of secured and unsecured debt to retirees would exceed £142bn by 2027.

When conducting the research, Cebr took borrowing including mortgages, credit cards, overdrafts, loans, car finance, hire purchase, student loans, payday loans and store cards into consideration.

Researchers have suggested that this increased level of debt is down to a number of factors, including this generations use of interest-only mortgages, current borrowing trends and relatively modest pension savings.

University of Birmingham’s college of social sciences Louise Overton said: “ Worryingly, this report indicates that a significant minority are carrying secured and unsecured debt to help manage cash flow problems and make ends meet.”

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