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An estimated $90 trillion switch of wealth is now underway as child boomers start to offer property to their kids – and a brand new survey reveals a large switch of debt is going on on the identical time.
A whopping 46% of People count on to move on some type of debt after they move away, in line with a brand new survey by Policygenius.
The survey reveals 58% of people that earn no less than $150,000 a yr count on their family members to inherit their money owed after they die.
For many who earn lower than $150,000 per yr, that quantity drops to 47%.
In keeping with numbers compiled by Yahoo Finance, the typical American family owes about $10,000 in bank card debt, $241,000 in mortgage debt, $59,000 in scholar mortgage debt and $22,000 in automotive loans.
And Policygenius says that among the many pool of People who count on to depart debt behind, 21% don’t have life insurance coverage that might assist pay it off.
Zooming out, a complete of 43% of child boomers say their family members would want to repay money owed in the event that they handed away now, in comparison with 52% of millennials.
And 60% of People who’re presently residing with their youngsters say their family members would want to pay their money owed in the event that they died right now, in comparison with simply 38% of those that don’t reside with their kids.
Policygenius commissioned YouGov to conduct the survey, polling 4,063 People 18 or older with a margin of error at +/- 2%.
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