Under-35s fear inheritance debt mountain

The firm behind the recent study suggest that while it used to be that a financial windfall might come your way in the event of parental deaths, there are now concerns among young adults that debts instead will be inherited from older generations.

With personal loans and credit card debt becoming more common place in the UK, millions of young Brits are also worried that their parents will spend any money which they have accumulated during their retirement years.

James Molloy, head of AA Legal Services, commented: “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.

“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.”

In March of this year, the Consumer Credit Counselling Service released a study which warned that the burden of debt management plan is being shifted increasingly towards more elderly generations.