Inheritance 'generation gap' noted by Aviva

04/12/2009

Cash-strapped over-55s are worried about leaving inheritances to their children, a survey has revealed.

Aviva, an insurance provider, found that just 50 per cent of older people in Northern Ireland will leave an inheritance.

This proportion goes up to 80 per cent of those in the south-east of England.

Aviva found a "generation gap" on the issue of inheritances, with 58 per cent of parents wishing to help their families out financially by leaving the money and 46 per cent wishing to pass on their homes.

However, among the younger generation, 39 per cent wanted their parents to use their money to improve their own lives rather than leaving it behind for their children.

Brian Bussell, a director of pensions at Aviva, said: "While it appears that the UK's over 55s are looking to leave their families £2.15 trillion worth of assets, the resounding response from their families is that they should enjoy their hard earned savings while they can.

"We understand that everyone has their own views on what makes a happy retirement but based on this research we would urge the UK's older generation to heed the call from their families and make the most of their retirement."

Tags; Budgeting Advice, Retirement Money Problems,

Regional Debt Advice; Debt Help Northern Ireland, Debt Advice Northern Ireland,

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