Hoping for a windfall from the family tree
Nine out of twenty people told a survey (3GB) of over 2,000 people, which looked in to family spending across the generations, that the only way in which they could hope to own a home or pay for further education is to benefit from an inheritance.
Almost one in four people (23 per cent) are so worried by existing mortgage debt, and possible shortfalls, that they also hope that they will be named in a Will. Almost one in ten people aged over-55 said that they would not retire until an anticipated inheritance had occurred.
Karl Elliott, 3GB spokesperson for Engage Mutual said: "Our previous 3GB research has shown that Britons are already struggling to pay for everyday costs like bills and the household shopping, so we wanted to know how they could afford larger items like paying off their mortgages.
"It is worrying that so many people have to depend on inheritance to be able to pay for these things. Whilst inheritance can be a great financial help it is not something we can control. We encourage people to take control of their families' futures and save little and often; even £10 each month could make some difference in the long run."
Only eight per cent of people felt secure enough in their finances that they could afford to achieve all that they planned without a windfall of some kind.
May 30th 2008