New research has revealed that working age adults in Britain are not banking on a substantial inheritance to secure their financial future.
According to the study, by charity coalition Remember A Charity, only 31% of respondents said they had included any inheritance in their financial planning, and only 34% expect to receive their parents’ full estate.
A number of reasons were given for these reduced inheritance expectations, including:
- the prospect of their parents having to pay for their own care (mentioned by 51% of respondents),
- uncertainty over Government social care policy (35%), and
- rising inflation (32%).
The survey also found that adults are increasingly encouraging their parents to leave money to charity, with 9% of the under-45s saying they have actively promoted legacy giving. Around 5% apparently report being okay with the idea of their parents leaving their whole estate to charity.
“Our report today highlights that a whole generation of British adults are encouraging their parent’s generation to leave a real legacy by doing some social good when they prepare their Will,” explained Rob Cope, Director at Remember A Charity.
“There are obviously financial challenges facing all generations in today’s Britain,” he added. “However, that the average adult would be happy for 16% of their family estate to go to good causes only serves to highlight how giving we are as a nation. Legacy donations are the lifeblood of so many vital services that are provided by charities all over the UK. We hope that this trend continues and more people decide to have their say on the world they want to leave behind in this way.”
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