Walters, dissipated vagabond (7)

I believe the answer is:

wastrel

'vagabond' is the definition.
(thesaurus)

'walters dissipated' is the wordplay.
'dissipated' indicates anagramming the letters.
'walters' with letters rearranged gives 'WASTREL'.

(Other definitions for wastrel that I've seen before include "Person who dissipates resources self-indulgently" , "A useless, good for nothing fellow" , "Good-for-nothing person" , "Ne'er-do-well" , "Worthless person" .)

I've seen this clue in the Evening Standard.

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