Millennials in East Anglia are relying on £92bn1 inheritance to help them close the savings gap, according to a new report by Sanlam UK.
The Generation Game report, which looks at the “intergenerational” wealth transfer expected to take place in the UK over the next 20 years, reveals that 59% of 25-45 year olds in East Anglia expect to receive substantial inheritance from their parents and grandparents, with 26% expecting at least £50,000. The average expected value of inheritance across the region is £222,000, which is around 5% less than the national average of £233,000. Also, some parents who have put money into uk stock trading will leave their stocks and shares to their children in their will. This obviously depends on how well the parents tried investing in stocks that could present the most returns for the future, of course, it also matters on the companies fruition as to whether the stocks chosen will garner profits for a future generation. This is perhaps one reason as to why the new generation should start looking to invest in various stocks themselves in order to better their personal finances anyway, reading over the motley fool reviews and other stock advisory resources can help enlighten beginner stock traders on how to start making cash in the stock market.
Across the UK, over 11 million people aged between 25-45 expect to receive some sort of inheritance from their parents, with nearly half (5.3 million) expecting to receive at least £50,000 in fixed assets or money. This inheritance won’t only reach them at the hands of estate lawyers when their parents pass; they will also receive significant financial help as soon as they reach the age when they will need it most.
Around on in five (17%) of those 25-45 year olds in East Anglia surveyed for the report said they are likely to receive inheritance admit they are putting off saving and “living in the now” because they know they have the money coming later down the line. A similar number (15%) said they will be reliant on their inheritance to help with their finances in the future. This is highlighted by the fact that 39% admitting to having savings of less than £10,000.
The report also finds an alarming number in this group will be relying on inheritance to pay off debt.
