Inheritance expectations lessen for under-45s but majority still happy for parents to leave charitable bequest, finds survey
Melanie May | 18 August 2017 | News
A Remember A Charity survey has found that despite financial concerns, the majority of under-45s are still happy for their parents to leave a bequest to charity, even though they expect to inherit less.
Remember A Charity surveyed 1,000 adults aged 30-45 and 1,000 adults aged 65+ about their attitudes and expectations around inheritance. It found that while both groups have financial concerns, the younger generation have a strong social conscience with two-thirds of under-45s happy for their parents to leave a charitable bequest, donating an average of 16% of the value of their estate to charity. One in 10 (9%) claim that they have actively encouraged their parents to use their Will to do social good and 5% said they would be happy for their parents to leave their full estate to charity.
The large majority (83%) of under-45s said they worry about their financial future, and 67% have scaled down their inheritance expectations. Less than three in ten (28%) now factor inheritance into their long-term financial planning. The rising cost of living, social care, property prices and Brexit were all cited as factors that reduce people’s expectations around what they might inherit.
More than half of over-65s (53%) worry about their own financial futures, but more still (64%) have concerns about their children’s finances. While the majority of people in this age group (53%) would like to leave a charitable gift in their Will, family concerns prevail. On average, they say they would be happy to donate 5% of the value of their estate, contrasting to the younger generation’s willingness for them to give away an average of 16% of the estate.
Rob Cope, Director of Remember A Charity, said:
“This study suggests a shift in attitudes between generations. The older generation is enthused about the concept of leaving a gift, but remains understandably anxious about the need to take care of their families.
“Meanwhile, the under-45s have become less expectant about receiving a sizeable inheritance. They are happy for their parents to make provisions in their Will for all those things that matter to them, including good causes. Despite the spiralling costs of living, social care and economic uncertainty around Brexit, people have a strong social conscience and many even encourage their parents to use their estate to make the world a better place.”
Remember A Charity in Your Will Week takes place next month, between 11th and 17th September.
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About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.