UK Grandparents to bequeath £400 billion

UK Grandparents to bequeath £400 billion

UK Grandparents to bequeath £400 billion

by | Inheritance

A recent survey by Insurers Royal London has estimated that the UK’s grandparents will leave a ‘wealth mountain’ of over £400 billion in the coming years.

All of the older generation interviewed in the survey were homeowners.  This resulted in the average estate being worth £400,000 to £500,000.

The traditionalists were intending to leave their wealth to the following generation, children who would now be in the 45-60 year age group.  However half of the golden oldies interviewed intended to skip a generation and bequeath their wealth to their grandchildren.

Nearly two thirds of those interviewed were concerned about the financial straits of the younger generations. They identified inflated house prices as their main worry.  Their generation has benefited from house price surges that are not sustainable for the following generations.

The Institute for Fiscal Studies (IFS) recent report on the subject has highlighted that the amount of wealth that younger generations will inherit is tied to the wealth of their parents, as was theirs.  Not all millennials are in a home owning families.  Self wealth creation will be much tougher for the X generation than the baby boomers.

If you are lucky enough to be in the Grey Pound economy with a home and savings, which generation will you benefit?

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