Inheriting debt is 'a fear of the young'

The debt mountain left by a deceased parent is something most young Britons fear, it has been revealed.

A survey from AA Legal Services has found that 70 per cent are worried that they will end up with the arrears of their mums and dads.

Similarly, 86 per cent of respondents are concerned that they will receive nothing except debt when their parents pass on, with 31 per cent expecting sibling rivalry to be an issue when it comes to who gets what.

However, these people need not rely on this income if they start saving some money themselves, a spokesman for the company has claimed.

"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," said James Malloy, head of AA Legal Services.

Meanwhile, money charity Credit Action has cited the UK's combined personal debt mountain to be £1.3 trillion.

Related Articles:
Inheritance 'makes some purchases possible'
Britain's pensioners 'should pick up money owed promptly'
Parents 'want financial help from offspring in old age'
Pensioners susceptible to inflation
British women miss out on pension benefits