- Almost one in five (19%) 18-34 year olds have used, or plan to use, inheritance they’re expecting to buy a property
- 27% of 18-34 year olds equivalent to 1.1 million people - are holding out for an expected inheritance before going ahead with major life events
More than one in five (22%) UK adults1 who have received or expect to receive an inheritance2 are delaying or plan to delay a major life event until they receive an inheritance, according to Canada Life’s latest research. This increases to 27% of those aged 18-34.
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. One in 10 (12%) UK adults are regifting 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, comments: “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.
“If you expect to receive an inheritance it’s worth considering all of your options, and perhaps engaging with a financial adviser, before making any big decisions. 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.
“For benefactors, writing a will is the most important step you can take to support your loved ones after you’re gone. Likewise, engaging with a financial adviser can be invaluable for estate planning in tax efficient ways."
-ENDS-
Notes to editors
- Survey conducted by Opinium among a nat rep sample of 2000 UK adults between 9-13 February 2024.
- All data come from questions that were asked to those who have received an inheritance in the past 5 years or expect to receive an inheritance in the next 5 years
Enquiries:
Press enquiries should be directed to:
Lizzie Murray, Vested, 07914 698 310, canadalife@fullyvested.com
Elle McAtamney, Canada Life, 07913 568213, elle.mcatamney@canadalife.co.uk
About Canada Life
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Great-West Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies. Great-West Lifeco has over 38 million customers worldwide and £1.532trillion assets under administration (as at 31 December 2022).
Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike. As well as providing stability and security through its individual contracts, Canada Life Limited has grown and maintained its position as the market leading provider of group insurance solutions.1 Canada Life acquired Retirement Advantage on 3rd January 2018 for an undisclosed sum. The acquisition added over 30,000 retirement income and equity release customers and more than £2 billion of assets under management including a £1.5 billion block of in-force annuities to Canada Life.
Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance Limited and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Stonehaven UK Limited, registered in England and Wales no. 05487702. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA.
Stonehaven UK Limited is authorised and regulated by the Financial Conduct Authority.
- Canada Life MI & Swiss Re, 2022