Over a third (35%) of high-net-worth individuals in Scotland have met with a Financial Planner for guidance on passing on wealth.

A third of Scottish savers have spoken with their loved ones about their financial plans for the future, but only 19% had made a will, according to research from Rathbone Investment Management.

According to the research, the 'Bank of Mum and Dad' continues to fuel the Scottish property market as parents and grandparents choose to pass on wealth early to help younger generations get on the property ladder.

Rather than passing down an inheritance, 28% of those surveyed have or are considering passing on their wealth early to help children and grandchildren with property purchases or other significant expenses.

An additional 29% of those surveyed had put money into a trust for their children or grandchildren and a quarter (26%) had contributed towards university expenses.

Kindar Brown, senior financial planner at Rathbone Investment Management, said: “Covid-19 has caused many individuals to think about how they might best support their loved ones financially. The difficulty of getting onto the property ladder has called for the ‘Bank of Mum and Dad’ to step up and provide a helping hand.

“With all the events of the last twelve months, putting a financial plan in place has moved further to the front of many peoples’ minds, highlighted by the uptick in enquiries to speak with a Financial Planner.”