Surveys show that the majority of people in Great Britain ‘expect’ to receive inheritance from their parents but in reality four in ten will not receive a penny, according to new research from the Skipton Building Society.
Whilst 84% of parents say that they would love to leave thousands of pounds to each of their offspring, many choose to support their children during their lifetime and four in ten have given funds to their children to assist with driving lessons, college fees and rent payments.
In the tough economic times of today, 49% of parents over the age of 50 have had to dip into their savings and as many as seven in ten adults aged 50 and over think savings are better spent when needed than saved to be enjoyed after they are no longer around.
The truth is that many parents wish that their children were less financially dependant on them and an overwhelming 95% think they need to become more responsible for their own financial future.
The reality is that grandchildren are actually more likely to benefit from any money which is left when they die, which may come as shock to the 20% of children over the age of 20 who have shelved financial plans in expectation of receiving their parents’ wealth on their demise.
In a recent press release it is suggested by Skipton Building Society that “no matter what your financial circumstances, it’s much better to recognise where you are and to review your financial affairs regularly, rather than place a dependence on benefiting from someone else’s. Doing the latter is a big gamble, and in today’s financial climate, it may not pay off”.
It is reported that whilst the majority of people hope to own their first home by the age of 27, the reality is that some 32% are still renting in their forties and whilst the majority of people expect to have written a will by the age of 33, 77% have not yet done so.
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