Almost one in five (19%) 18–34-year-olds who have received or expect to receive an inheritance will use, or have already used, funds to buy their first property.
A quarter (22%) of UK adults are holding out for an expected inheritance before going ahead with a major life event, according to new research.
This increases to 27% for 18–34-year-olds surveyed by Canada Life.
Almost one in five (19%) 18–34-year-olds who have received, or expect to receive, an inheritance will use, or have already used, some of the funds to buy their first property.
One in 10 (12%) UK adults said they are re-gifting inheritance cash to their children, grandchildren, or other family members, while 19% plan to use or have used the cash to invest for the future.
Stacey Love, tax and estate planning specialist at Canada Life, warned that over a quarter of people receive less inheritance than they thought they would.
She said: “It’s not surprising that many people are putting big life decisions on hold until they receive an inheritance.
"Rising property prices and recent high interest rates means that the possibility of home ownership for many people without an inheritance or financial help is slim. With the cost of living having increased sharply over the past few years, it makes sense that other expensive life events will have been put on the back burner or been thrown out altogether as well.
“We know that over a quarter of people receive less inheritance than they thought they would, so it’s also important to have open conversations with your family so that you have the information you need to help plan for the future.”
• Opinium surveyed 2,000 UK adults between 9 and 13 February on behalf of Canada Life.
