A report by Barclays Wealth, ‘The Transfer of Trust: Wealth and Succession in a Changing World’, has found that 35% of high net worth individuals across the world do not trust the next generation to look after their inheritance.
Barclays Wealth surveyed over 2,000 high net worth individuals to find out their thoughts and attitudes regarding wealth transfer and succession planning.
The report reveals that the wealthy in developed countries have less confidence in the ability of their children to look after their wealth than those in developing countries. It also found that just under 30% of respondents thought that receiving a large inheritance can place an ‘unnecessary burden’ on their children.
Catherine Grum, Director, Wealth Advisory, Barclays Wealth, said: “It is clear that with wealth comes an increasing complexity of choice, and in some cases this can result in concerns about trust and conflict when considering the intergenerational transfer of wealth. Understanding options for succession planning in advance, and seeking professional advice can help address these fears and provide confidence that your wealth will be wisely managed in the future.”