Third of Britons relying on inheritance for retirement

Retired man

A recent survey has uncovered that 34% of UK citizens are banking on their inheritance to supply an income in retirement.

Britons with worries about achieving a good standard of living once they cease working often consult specialists in retirement planning in Chester, Birmingham and other major cities. With an understanding of a worker’s current financials, wealth managers across the country plot a course that helps them obtain their ideal retirement.

Furthermore, only 54% feel confident to entirely rule out requiring an inheritance to pay for their retirement. The survey canvased 2,000 adults during May this year and recently published its results.

The research showed that two out of every five Britons either anticipate an inheritance or have been given a legacy already (38%). Additionally, the survey revealed that younger people are more likely expect an inheritance, as well as those who already receive a higher annual income. However, according to the study, just 29% of respondents planned to bequeath an inheritance to the next generation.

Financial experts have weighed in warning that relying on inheritance for means in retirement can be a costly mistake. Personal circumstances can be complex and subject to change, which makes dependence on financial security uncertain. If people must alter their plans to pass on wealth due to unforeseen circumstances, those expecting it may have no resources in place to protect them financially when they no longer have a regular salary.

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