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| T O P I C R E V I E W |
| BankruptcyNews |
Posted - 10 May 2007 : 10:02:00
Young Brits fear debt inheritance
Inheriting debt from parents is one of the main financial fears being faced by young consumers in the UK, according to new reports.
Research conducted by AA Legal Services shows that some 70 per cent of young Brits are concerned over the prospect of inheriting debt from their parents after they pass away. In addition, over 85 per cent of those under the age of 35 were worried over what may arise from their parents' wills.
These figures reflect mounting concern over affordability and debt in the future, as younger Brits assess the risks of debt inheritance.
"Recent concern over the cost of care homes, equity release schemes and growing consumer debt among the elderly are changing the way many young people view the concept of inheritance," remarked James Molloy, head of AA Legal Services.
"As young families take on bigger and bigger debts to get a foot on the property ladder, few are banking on a future inheritance to help clear the mortgage."
Research from CreditExpert.co.uk has found that somewhere near six million borrowers agree that debt below £15,000 is not worth worrying over, while 1.4 million people would remain unconcerned until debts hit £50,000.
Source: londonstockexchange.com
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