Although just 3% of Brits say that they are not planning to leave anything to their family, a quarter of people (25%) say they do not expect to receive any financial inheritance at all. In fact, LV=’s research shows that less than half (42%) are banking on receiving an inheritance to help bolster their finances.
Across the UK, Brits in the North East are the most likely to rely on a form of inheritance (55%) to boost their finances, whereas those in Northern Ireland are the least likely to rely on an inheritance (34%).
Of those Brits who expect to receive an inheritance, the most common planned uses (6%) are retirement funding and as a boost to a savings pot (6%); with a further 5% saying they will use any inheritance to pay off their existing debts and loans.
As well as financial assets, the new report also looks at the qualities and skills that Brits would like to pass on to their children and other family members. The research finds that good manners (85%), good behaviour (82%) and good values (82%) are the traits that Brits would most like their family to inherit, with good values proving to be the characteristic most would like to be remembered for (32%).
These attributes are also the ones that Brits most believe were passed onto them by their parents, grandparent or family. Money management skills were listed as the fifth most important attribute to pass on to family members.
John Perks, LV= Managing Director, Retirement Solutions said: "This research highlights a disparity between the number of Brits who are planning to leave some kind of financial asset behind for their family and those who believe there will anything left for them to inherit – this suggests that many may be pleasantly surprised.
"However, it is quite worrying to see that of those who are relying on an inheritance, one of the main reasons cited is the funding of their retirement. Given that we are all living longer, relying on an inheritance to fund your retirement is a rather risky strategy. In order to ensure a comfortable retirement, it is essential that people start saving as soon as possible.
"If people do want to leave an inheritance for their family, it is important to seek expert advice on the relevant financial products that can help, and make a will as early as possible so that their intentions for their assets will be followed."
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