Inheritance expected to jump by 2047

by Daniel Jones

The amount of money allocated to loved ones when writing a will is expected to jump considerably by 2047, new figures show.

HSBC's Age of Inheritance in the UK report predicts that the money left to loved ones will rise from £194 billion in the current decade to £1.1 trillion by 2047.

However, even in light of these figures, just one in four people over the age of 55 have actually received an inheritance.

David Wells, head of investments, pensions and savings at HSBC, said: "The findings of this report serve to highlight the importance of financial planning, both for those who plan to bequeath an inheritance and for those who are likely to be in receipt of one."

He noted that many people are reliant on inheritance to pay for the lifestyle they had hoped to achieve in later life, so planning for the future is essential.

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Published on: October 7, 2011

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