We’re pleased to announce the launch of our inheritance whitepaper, ‘Wills and financial planning – it’s time to talk’, which analyses responses to a national YouGov survey of 2,165 GB adults. Amongst many findings, our survey revealed that almost half (44%) of British adults haven’t tackled the difficult conversation with parents or guardians or partners around financial arrangements following their death.
Our survey highlights a widespread lack of awareness around family finances and the probate process that stands worryingly at odds with the level of detail required to apply for probate. The research also highlighted that for 57% of Brits, an inheritance was a key financial pillar rather than a windfall.
The survey examined respondents’ understanding of probate, their experiences – or lack of – in discussing the financial aspects involved with parents and guardians, and the use to which they would put an inheritance. Key findings included:
- Dependants know little about the status of their parents’ or partners finances: Almost half of Brits who have a parent/guardian or partner (44%) had not discussed financial arrangements in depth following a death with parents or partners, and only 11% with a parent/guardian knew all the details of their parents ‘wider finances’ such as loans
- Brits are hoping it will all just work out: Only 11% of Brits who have a parent/guardian admit they ‘have enough understanding’ about the probate process to complete it, but only 14% planned to appoint a solicitor to undertake the process
- Inheritance used to balance the books and invest for the future: Consumers intend to save, not splurge, inheritance earnings, with 57% of those asked what they would use an inheritance received in the next two years for, likely to use it to bolster essential savings, pay bills, clear personal debt or help fund a house deposit
- The pandemic hasn’t changed attitudes towards wills and financial planning: Perhaps surprisingly, only 12% of respondents were encouraged to review their will or funeral arrangements as a result of the Covid-19 crisis
Read the full report below