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Biblical tradition of leaving an inheritance declining, figures show

Just 28-per-cent of people planning to retire this year expect to leave a financial legacy, the financial services firm Prudential has revealed.

The figure, which has fallen from 52-per-cent in 2011, is apparently a result of many people forking-out for family and friends.

According to Prudential, retirees which are financially supporting loved ones are, on average, splashing out £3,000 every year on things like televisions, cars and even deposits for a new home.

Dominic Lipinski/PA Wire

Speaking with Premier Graham Cleveland, the Director of the Christian financial services provider Trinity Wealth Management, explained what else could be causing the fall in inheritances.

He said: "Some of [the younger generations] need [the money] now, for getting on the property ladder to buy a house or just looking after their families; it is becoming more and more expensive.

"The older generation want to see their family are being blessed rather than just leaving it in their estate. So there is a change in thought process.

"People are living longer. They need more of their resources. So, therefore, there is less to pass down. Also, those of us who are alive; there are far more demands of our money than there were 30 or 40 years ago."

Graham said the tradition of leaving an inheritance does have a Biblical basis: "I think we have to be mindful of [these] two aspects: What are we going to give to God's work, on death, and what are we going to pass down to our children for the next generation. How are we going to do that and how do we use trusts etc."

Stan Russell, a retirement income expert at Prudential, said: "With the average retirement now lasting nearly 20 years, people retiring in 2016 who provide support to their families could hand over an average of £60,000 during their retirement.

"With this in mind it is perhaps unsurprising that the numbers of people expecting to leave an inheritance is on the decline.

"The pressure on retirees to provide this financial support continues to rise in line with the growth in the cost of housing, education, childcare and support for older people."

Prudential also found 15 percent of retirees are providing financial support for their own own parents, with five percent even supporting their grandparents.

You can listen to Graham Cleveland from Trinity Wealth Management speaking with Premier's Alex Williams by clicking here:

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