The major consumer study also found that more than one in five (21%) of UK adults say that leaving something behind for their family is a "priority" for them.

Mutual provider Scottish Friendly analysed inheritance and savings plans for its 2024 Family Finance Tracker.

The tracker surveyed the savings and investment habits of 2,600 adults across the UK.

It found that savers' three most commonly cited long-term priorities were retiring early (22%), leaving an inheritance (21%), and paying off the mortgage early (20%).

Among the key findings on inheritance plans were:

• 59% of research participants knew what assets they wanted to pass on
• 72% expect to be able to pass on the family home
• 55% want to pass on a cash lump sum
• 32% want to pass on their pension
• 30% want to pass down family heirlooms
• 17% want to pass on an investment portfolio
• 17% want to pass on a property portfolio
• 9% want to pass on a business

The survey found, however, that nearly one in five (17%) people surveyed do not have any long-term financial goals.

The research revealed that people renting property were among the least likely to plan for wealth transfer and often experienced greater "financial discomfort" compared to homeowners.

Jill Mackay savings specialist at Scottish Friendly, said: "These findings highlight the significant value people place on leaving a lasting legacy for their loved ones. With over one in five prioritising an inheritance in their long-term Financial Planning, it's evident that securing their family's future is a key concern. This is reflected in the broad range of assets people intend to pass on, from family homes to investment portfolios.”

"Conversely, the findings also highlight the challenges faced by families not on the property ladder. Renters, particularly those entering or living through retirement, may need a larger savings cushion to manage daily expenses, making wealth transfer seem daunting.”

• The research was conducted by the Centre for Economics and Business Research (Cebr) and 3Gem. It comprised 2,600 UK adults aged between 18 years and 65+. Short-term financial goals were described to participants as being goals up to 6 months ahead, medium-term as being between 6 months to 5 years ahead, and long-term as 5+ years ahead.