Children rely on parents'' property to clear debt

Children are racking up debt in the UK because they rely on substantial inheritances from their parents'' property in order to clear their finances, according to one financial expert.

Andrew Woodcock, from price comparison website moneysupermarket.com, said that financial education in this country is so dire that young people have developed a "spend now and think about it later" culture which is massively different from the attitudes of previous generations.

He said: "Most young people assume that they are just going to inherit their parents'' houses and that causes their attitude towards money to verge on the never never."

The Citizens Advice Bureau provides a guide to financial education for people who want to learn more about mortgages, Reits and Sipps.

Research from the Personal Finance Education Group has found that more than half of teenagers aged between 14 and 17 worry about money every day and many are already in debt before they leave school.


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