Almost two thirds (64%) of British retirees expect to leave an inheritance to their children with an average value of £182,144, according to HSBC’s study, ‘The Future of Retirement: Life after work?’
HSBC’s research, which surveyed over 16,000 people in 15 countries, found many Britons could inherit even more, with one in five (21%) legacies left to children by UK retirees expected to be over £250,000.
This shows Britons are the third most generous in the world, after Australia and Singapore, with average expected inheritances of £321,743 and £237,799 respectively.
The findings also reveal that many working age Britons rely on inheritance to supplement their retirement. Almost two thirds (64%) said that they expect it will finance their retirement to some extent.
Christine Foyster, Head of Wealth Development, HSBC UK, said: “It’s good to see that even in these tough times, parents plan to leave an inheritance to their children. However, it is vital that people do not rely on these potential windfalls to fund their retirement. Whatever their good intentions, parents may face their own unexpected hurdles and require the money to fund other things such as their own medical and nursing care in later life.”
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