Parents keen to leave children inheritance 'despite financial pressure'
Posted on 09 September 2011
Most parents would like to pass down their family home or another valuable asset to their loved ones when they die, research shows.
However, with Brits living for longer and finding paying for long term care more challenging, this may not be as much of a possibility.
In fact, six per cent of cash-strapped Brits are actually relying on their inheritance to fund their retirement, according to research by LV=.
A quarter of Brits admit that they do not expect to receive any financial inheritance at all, while 42 per cent are not expecting to receive enough to bolster their own finances.
Despite this, many parents remain optimistic. Six in ten would like to pass on their family home to loved ones, while 58 per cent hope to leave some savings and investments as inheritance.
LV= managing director of retirement solutions, John Perks, explained: "It is quite worrying to see that of those who are relying on an inheritance, one of the main reasons cited is the funding of their retirement.
"Given that we are all living longer, relying on an inheritance to fund your retirement is a rather risky strategy."
Posted by Nigel Murphy