May 5, 2017
In recent surveys, it’s been found that over £400 billion worth of property is to be passed on from grandparents to the younger generation over the next few decades. However even with this amount in mind, a lot of people under 45 are not set to benefit from this.
New research from Royal London has shown that out of 17 million people between the ages of 25 and 44, only 4 million will be likely to inherit property from their grandparents.
To collect this information a report took place involving over 5,600 people from various generations. The research revealed that on average, grandparents were looking to leaving a typical estate, at a value of between £400,000 and £500,000.
Should this amount be left in the wills of 1 million people we could be looking at over £400 billion being passed down across the UK.
However, 50% of these grandparents have said they plan to leave their wealth directly in the hands of their grandchildren.
Due to the current uncertainty around the future state of the economy 62% of people aged between 45 and 64 are expressing concern over the financial position of the younger generation. In conjunction with this 40% of these people feel they are under pressure to pass on wealth.
Are you concerned over your future finances? Relying on the older generations in your family is simply no longer an option which is why Bespoke Support Network are keen to help you firm up your future.
Our team of financial experts can help with any concerns you may have. From planning your future, considering mortgages and savings, to protecting your loved ones by writing a will or looking into life insurance. We can help you to control your future finance and put plans together to ensure your financial security.
For more information, get in touch with a member of our team today on 0300 303 3441.