A fifth of people in the UK say leaving an inheritance for their family is a priority for them, according to new research on long-term financial goals by Scottish Friendly.
The findings, part of Scottish Friendly’s 2024 Family Finance Tracker, said 21% of people cited leaving an inheritance as their long-term priority, while 22% said retiring early was their leading priority and 20% want to pay off their mortgage. Just over one in six (17%) stated that they do not have any long-term financial goals.
Scottish Friendly said nearly three fifths (59%) of all those surveyed know what assets they want to pass on, with the most popular asset being the family home (72%). Meanwhile, more than half (55%) hope to be able to pass on a cash lump sum and 32% want to pass on their pension.
In addition, one in three (30%) want to pass down family heirlooms, while 17% want to pass on an investment portfolio and the same amount want to pass on a property portfolio. Just under one in 10 would like to pass on a business.
However, Scottish Friendly said the research also found that people renting property are amongst the least likely to plan for wealth transfer and often experience greater financial discomfort compared to homeowners.
Jill Mackay, savings specialist at Scottish Friendly, said: “These findings highlight the significant value people place on leaving a lasting legacy for their loved ones. With over one in five prioritising an inheritance in their long-term financial planning, it’s evident that securing their family’s future is a key concern.
“Conversely, the findings also highlight the challenges faced by families not on the property ladder. Renters, particularly those entering or living through retirement, may need a larger savings cushion to manage daily expenses, making wealth transfer seem daunting. However, it’s possible, even small, consistent investments over time can accumulate, enabling people to pass on a meaningful cash inheritance to their family.”
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