Partner Blog

Over 33% of Brits Reliant on Inheritance for Financial Future

Written by Kings Court Trust | Aug 6, 2015 8:00:00 AM

Recently published research suggests that over 33% of Brits are reliant on an inheritance windfall to secure their financial future. According to data from retirement specialists LV=, millions of UK citizens would be unable to maintain a stable income in their later life if it weren't for inheritance.

John Perks, managing director of LV=Retirement Solutions said: “People now spend almost as long in retirement as they do in the workplace, so it's worrying to see that many people say they are reliant on something essentially out of their control to provide them with a comfortable retirement."

The results of the survey showcased how 16% of respondents said they planned to use their inheritance to top up their pension pots, whilst other common uses for inheritance were to pay off mortgages and outstanding debts. It was also highlighted that 20% of Brits would not be able to enjoy a comfortable retirement without inheritance, and 25% recognise the fact that if they do not inherit they would very likely have to work for longer before being able to retire comfortably.

However, with fewer and fewer people leaving significant inheritance sums behind, relying on a windfall can be a dangerous game; 28% of retirees say they don't expect to leave much to their children, and 20% say they plan on spending their money themselves.

Do these figures shock you? Are you – or do you know someone who is – dependent on inheritance for a comfortable retirement?