Back to Blog

Top 8 Reasons Why People Rely on Inheritance Money

Slater and Gordon’s recent survey revealed that four in ten Brits are expecting cash left to them in someone’s will. Join us as we look at the top eight reasons why people are reliant on their inheritance.

Inheritance

8. Retirement

Many people find themselves unable to get financially comfortable enough to retire. Our survey revealed that 10 per cent of Brits would struggle to retire without receiving money from an estate.

7. Enjoyment

Well, why wouldn’t you? If you’ve just received a lump sum it might be hard not to spend it on something you enjoy. Ten per cent of people wait on cash from a will to simply enjoy themselves.

6. Cars

With the cost of running an average family car in the UK at around £0.76 per mile, it should come as no surprise that 14 per cent of us would need the money from an inheritance to help buy a new car. The average UK driver can spend over £2,256 on fuel each year. Petrol, along with the cost of upkeep for a motor makes it hard to save up for a new set of wheels.

5. Holiday

Everyone loves a good holiday; a chance to relax and get away from the stress of everyday working life. That is why 14 per cent of Brits choose to spend the money they are left in a will on a holiday.

4. Travel

Following on the theme of getting away from it all, comes the next reason on our list: travelling. According to the Office of National Statistics most recent data, not only are more UK residents making visits abroad, but they are also spending more on their travels. Slater and Gordon’s recent survey revealed that 18 per cent of people are reliant on the money left to them in order to fund their travelling.

3. Mortgage

Some Brits rely on their inheritance to help them to pay off their mortgage. Our survey showed that 17 per cent of people would use the money to do this.

2. Debt

Another sensible decision makes our top eight reasons why we rely on inheritance money and that is to pay off debt. Twenty per cent of us are relying on inheritance money to help pay off our debts.

1. Home

Topping our list of reasons why Brits count on cash pay-outs in wills is getting a bigger and nicer house. A huge 22 per cent said they were hoping to get some cash left to them to help them move home.

Slater and Gordon wills, tax, trust and probate solicitors help families with their personal affairs. If you’re having issues with inheritance or wills call us on freephone 0800 916 9055 or contact us online.

Inheritance Law, Wills Solicitors, Probate/Wills Trusts

Comments