64 per cent of 25-to-45 year olds expect to receive inheritance

A report by Sanlam UK suggests that 64 per cent of 25-45-year-olds in Northern Ireland and the rest of the UK expect to receive an inheritance, and just over a third of those say that they would use the money to purchase a property.

The most popular use of inheritance money was saving or investment, which was cited by 38 per cent of those polled. Putting the money towards buying a home was the second most popular use, cited by 34 per cent. Rather worryingly 25 per cent said they would use the money to pay off debt, and 34 per cent said they are 'totally dependent' on an inheritance to help with their finances in the future.

Many parents are choosing to make lifetime gifts to their children instead of waiting to pass money on as an inheritance after their death, the most common reason being to assist with a property purchase. The so-called 'Bank of Mum and Dad' is expected to be contributing to over a quarter of house purchases in 2018, representing a total of approximately £5.7billion.

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