Cash inheritances swallowed by debt?

09/09/2011

One in four Britons does not anticipate receiving a cash inheritance from their parents due to the economic climate’s financial pressures.

Research, conducted by insurance company LV, has revealed that less than half of Britons questioned expected to receive an inheritance to boost their finances.

The survey discovered that 55 per cent of people in the North East were likely to be relying on some form of inheritance to boost their finances – the highest percentage throughout the UK.

John Perks, LV managing director of retirement solutions, told the Mail Online: “This research highlights a disparity between the number of Brits who are planning to leave some kind of financial asset behind for their family and those who believe there will not be anything left for them to inherit.

“It is quite worrying to see that of those who are relying on an inheritance, one of the main reasons cited is the funding of their retirement.

“Given that we are all living longer, relying on an inheritance to fund your retirement is a rather risky strategy.

“In order to ensure a comfortable retirement, it is essential that people start saving as soon as possible.”

Tags; Current UK Economy, Income Worries and Debt, Debt Management and Banking, Retirement Money Problems,

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