Inheritance may not help millennials onto the housing ladder
The report, compiled by wealth manager Charles Stanley and reported by the BBC, said many millennials expect inheritance will enable them to buy their first home, but the average amount received was just £11,000.
Equally, while around 22% of millennials expected to receive inheritance to use as a deposit, only 7% actually did. One in seven expect to inherit money before they are 35. In reality, most inherit between 55 and 64.
While older family members generally plan to pass on money to their children when they die, it would be a mistake to rely on it, the report said. It added that starting early and planning ahead is a better strategy.
Having said that, more people are inheriting. Inheritance tax receipts hit a record high of £5.4bn in the 2018-19 tax year, up £164m or 3.1% on the previous 12 months, which was also a record. Rising house prices continue to play a role in rising inheritance pots.