Although the average UK household debt is now over £54,000, it has to be said that pensioners aren’t contributing their fair share to this amount. For a variety of reasons, most pensioners believe it is inherently wrong to owe money – the exception being the elderly senior executives of financial institutions, who believe exactly the opposite.

It is unlikely that these august figures have got hold of the wrong end of the stick – having borrowed the stick from someone else, sold half of it to a Russian oligarch and then bet someone else’s money on its future value – so the best current advice for pensioners must be to get into as much debt as possible.

Aiming for a six figure debt should be the first objective, at which point, you can assume multiple identities and create fictional dependents to increase the figure substantially.

Bear in mind that should you die with debts still outstanding, your children may become liable for their repayment, but this eventuality should be seen as character building rather than burdensome and therefore should not impact on your financial strategy in any negative way.