- Average age people expect to inherit is 52, yet many say it would have made the greatest impact much earlier.
- Longer lives mean families are facing a balancing act between supporting loved ones when it matters most and safeguarding later-life financial security.
- The third report from Canada Life’s Life100+ research programme explores how longer lives are reshaping family wealth transfer, legacy and later-life planning as Britain enters the biggest intergenerational wealth shift in its history.
The UK stage is set for an unprecedented scale of wealth transfer between generations in the decades ahead1. But as longer lives make retirement, health and potential care costs harder to predict, new research from Canada Life2 suggests the big question for many families is not simply how much they might pass on, but when.
Whilst people expect to receive their most significant gift or inheritance at an average age of 52, the strongest reported impact is much earlier - when they may be navigating major milestones such as buying their first home.
The data highlights that impact is greatest when wealth is received earlier in life: 59% of those who received an inheritance or gift aged 25 - 34, and 60% of those aged 35 - 44, said it had a great deal of impact. This falls to 36% among those aged 45 - 54 and just 27% among those aged 65 -74.
Fewer than half of people surveyed (48%) believe they will receive wealth at the age when it would benefit them most.
Younger recipients were more likely to use wealth for transformational life milestones. Those receiving wealth between 25 - 34 years were most likely to use it to fund a deposit for a home (30%) and those aged 35 - 44 years to clear debts other than the mortgage (30%).
The prospect of living longer can both be reason to pass on wealth earlier, but also a reason to hold it back. Longer lives mean families are facing a balancing act between supporting loved ones when it matters most and safeguarding later-life financial security.
Lifetime gifts fund key milestones whilst inheritances are parked in savings
There are also differences reflected in the type of transfer received, with impact greatest for those receiving lifetime gifts (money, property or other assets given while the giver is still alive). Two thirds (61%) of those who had already received a lifetime gift said it had had a great impact on their life, compared to a third (33%) who had received an inheritance on death.
Lifetime gifts are also more likely than inheritances to be used at pivotal life stages.
Lifetime gifts were more likely than an inheritance to be used for a home deposit, (25% compared with 10%), education costs, (20% compared with 5%) and repaying debt, (41% compared with 32%)
By contrast, nearly half (49%) of those who receive an inheritance, typically received later, add the money to savings, compared to 40% of those who receive a gift, suggesting that later inheritances more often strengthen financial resilience.
The longevity vs legacy challenge
The data showed that lifetime gifting is becoming more prevalent - over a quarter (26%) of those aged 18 - 44 have received a significant financial gift from a living relative versus just 7% of those aged 65+. Advisers3 are also seeing the shift, with eight in ten reporting having more gifting conversations than ever.
However, the research also highlighted a fundamental tension that families are facing.
With eight in ten (83%) expecting to pass on wealth to younger family members4, the question is not about whether families want to pass wealth on, but more about how much they can afford to transfer without compromising future financial security.
For the majority (55%), passing money on when they die remains more popular over lifetime gifting (28%) because they cannot be certain how much they may need for themselves in later life.
Among those who expect to pass money on only at death and had neither gifted nor intended to gift during life, 45% said they needed to retain their money to meet costs while alive. A further 25% specifically said that people are living longer and they might still need the money, while 13% cited future care costs. The central barrier to lifetime gifting is therefore not a lack of willingness, but uncertainty about future needs and what can safely be passed on.
Commenting, Rose St Louis, Chief Customer Officer, Canada Life said:
“Our Life100+ research programme is helping us to better understand the realities and complexities of living longer, particularly around the difficult choices families face when planning for their financial future. For many families, these decisions are interconnected: how to work differently as lives and careers evolve, how to retire well, how to fund the potential costs of later life, and how to leave a meaningful legacy.
“It’s clear from the data that families want to help loved ones. The majority of Brits intend to pass wealth on in some form, and lifetime gifting is becoming more common. Yet the prospect of living longer is creating a difficult trade-off between supporting younger generations when it matters most and protecting your own financial security in later life.
“The unknown scale of potential care costs alone provides good reason for this uncertainty – particularly if those costs are set to stretch out further if we are to live longer. As a result, families simply do not know what they can safely pass on during their lifetime.
“It’s important to acknowledge that there is no one-size-fits-all approach to intergenerational wealth transfer. Individual circumstances will determine whether to give during life or leave an inheritance, how much can be passed on safely, and how to balance the needs of loved ones with financial security as life expectancy increases. Professional advice is therefore key to help families to connect those considerations into a coherent plan.
“Starting the conversation about wealth transfer early means you can create a flexible plan that can adapt as circumstances and priorities change. A financial adviser can help structure these decisions and facilitate open discussion across generations, ensuring gifts have the greatest possible impact without compromising long-term financial resilience.”
Life100+
Find out more about Canada Life UK's multi-year Life100+ research programme
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Notes to Editors
Centre for Economics and Business Research (Cebr) estimate for Kings Court Trust places the potential value transferred over 30 years at approximately £5.5 trillion.
- The research for the third phase of Canada Life’s Life100+ programme was conducted by the Big Window. Findings are based on a representative sample of 2,000 UK adults (May 2026) and 240 financial advisers (June 2026). The research explores the implications of a longer life expectancy on family wealth transfer, legacy and later life planning. More information can be found here: https://www.canadalife.co.uk/life100-hub/
- Includes generalists, wealth managers and equity release advisers
- Includes transferring wealth either as an inheritance upon death, or by giving financial gifts during life.
- Includes transferring wealth either as an inheritance upon death, or by giving financial gifts during life.
Enquiries:
Press enquiries should be directed to:
Katie Ormrod, Canada Life, +44 7834 740227, katie.ormrod@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Through its subsidiary companies, Great-West Lifeco operates in Canada, the United States, and Europe. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Canada Life Limited began operations in the United Kingdom (UK) in 1903 and provides UK individuals and businesses with a range of retirement, investment, insurance and wealth solutions. Canada Life offers individual annuities, pension de-risking solutions, home finance, estate planning and investment options, and workplace protection products.
Canada Life Limited (no.973271) is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Stonehaven UK Limited (no.05487702), trading as Canada Life, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited (no.033178C) and CLI Institutional Limited (no.108017C) are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC (no. 440141) and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Canada Life Asset Management Limited, registered in England and Wales with registration no. 3846821. Registered office: Level 37, 22 Bishopsgate, London EC2N 4BQ. Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Please note that while Canada Life Limited and Canada Life Asset Management Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.