A recent survey undertaken here in the UK has discovered that the country’s younger generations are now relying on the inheritance they will receive to fund their long-term financial goals.
At present, the average inheritance that UK beneficiaries receive is around £70,639, and lifetime gifts amount to approximately £58,439.
According to the recent study, 43 percent of respondents expected to be awarded a lifetime gift or inheritance from friends and family. The most expectant proportion of those surveyed were those younger than 45 – millennials and Generation Z.
Close to one third of people who have already been in receipt of either a lifetime gift or inheritance have already directed the awarded funds to their personal pension or savings for the future. About a quarter have made use of the gift or inheritance to pay off their mortgage, and more than a fifth have invested the money in trying to climb the UK property ladder.
Respondents also detailed other plans for funds. Around 18 percent intended to pay for luxury items or one-off expenses, while 17 percent would pay debts. Nine percent planned to pay off student loans, while 14 percent would put it towards daily living costs.
UK investors of all ages with inheritance concerns can receive expert financial advice in Shropshire, Staffordshire and other parts of the country from wealth managers. Along with financial and investment advice, they are able to assist with estate planning and strategies that mitigate inheritance tax bills.
