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Inheritance shock awaits British adults
Research from retirement firm Just Group found the average UK adult expects to inherit £130,000. But according to official figures from the Office for National Statistics (ONS), the median inheritance passed down by parents in the last two years was just £30,000.
Younger adults could be in for an even bigger shock, with 18-34-year olds saying they expect to receive £151,000, while those aged 35-54 anticipating around £148,000.
Over 55s, who are more likely to have already received inheritance money form their parents, said they expected or had received £98,000.
Over-estimating the amount of money passed down from parents could be a major hurdle impacting people’s property aspirations, with 98 per cent of under 40s saying an inheritance will be important in helping them buy their first home.
Stephen Lowe, of Just Group, said the disparity between expectation and reality highlights the importance of families discussing their financial situations.
“As people live longer, they will need to fund more years of retirement, which may include paying for social care. So, it’s surprising that people are so confident in the size of inheritances they expect to receive,” he said.
“Families tend not to talk about money and death. But if we don’t talk about these themes it becomes very hard to make practical plans – be that getting on the property ladder or preparing for care in later life.”
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