Inheritance fears raised for many Britons

ONE in four families in Britain do not expect to be left anything in their parents’ wills, according to research published yesterday.

Around 25 per cent of households don’t believe they will receive a financial inheritance because their parents will have used up their savings in later life.

The figures highlight a change in a society where once middle-aged families could rely on an inheritance to boost their finances. But an erosion of pensions means that the current generation of older people are now cashing in their savings and in some cases downsizing to smaller homes to ensure their financial security during retirement.

The research, from insurance giant LV, shows 42 per cent of households are hoping to receive an inheritance to bolster their finances.

It found that property and money are the assets most Britons most want to pass down to their children. More than 40 per cent of people would like to leave children their engagement and wedding rings.

John Perks, head of retirement solutions at LV, said: “It is worrying to see that of those relying on an inheritance, one of the main reasons cited is to fund their retirement. Given that we are living longer, it is a rather risky strategy.”