More than one in five (22%) UK adults1 who have received or expect to receive an inheritance2 are delaying or plan to delay a major life event until they receive an inheritance, according to Canada Life’s latest research. This increases to 27% of those aged 18-34.
Almost one in five (19%) 18-34 year olds who have received or expect to receive an inheritance will use, or have already used funds to buy their first property. One in 10 (12%) UK adults are regifting to their children, grandchildren, or other family members, while 19% plan to use or have used the cash to invest for the future.
Stacey Love, tax and estate planning specialist at Canada Life, comments: “It’s not surprising that many people are putting big life decisions on hold until they receive an inheritance. Rising property prices and recent high interest rates means that the possibility of home ownership for many people without an inheritance or financial help is slim. With the cost of living having increased sharply over the past few years, it makes sense that other expensive life events will have been put on the back burner or been thrown out altogether as well.
“If you expect to receive an inheritance it’s worth considering all of your options, and perhaps engaging with a financial adviser, before making any big decisions. We know that over a quarter of people receive less inheritance than they thought they would, so it’s also important to have open conversations with your family so that you have the information you need to help plan for the future.
“For benefactors, writing a will is the most important step you can take to support your loved ones after you’re gone. Likewise, engaging with a financial adviser can be invaluable for estate planning in tax efficient ways."
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