Insolvent debtors are getting older

John Kavanagh
The most common age for insolvent debtors has been increasing steadily over the past seven years, with a person entering bankruptcy or a debt agreement now likely to be in their early 40s.

According to the Australian Financial Security Authority, the most common age of insolvent debtors has risen from 37 in 2008 to 43 last year.

People aged 40 to 44 are more likely to be having trouble with debt than people in any other age group; they made up 14 per cent of insolvent debtors last year, while they represented only nine per cent of the population.

People aged 45 to 49 made up 12 per cent of insolvent debtors, while they represented eight per cent of the population.

People under 24 and over 65 had fewer problems with debt. People aged 17 to 24 made up eight per cent of insolvent debtors, while they represented 14 per cent of the population.

People aged 65 to 69 made up three per cent of insolvent debts while they represented six per cent of the population. People over 70 made up three per cent of insolvent debtors, while they represented 13 per cent of the population.