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Kids unlikely to inherit parents’ wealth

Parents won't have much to leave, report says

A piggy bank

Children who are expecting a bit of a windfall from their parents may be in for a disappointment, according to new research. Just 10% of 6,010 Europeans surveyed said they intended to pass on ‘significant wealth’ to their children, with 42% saying they had no intention of doing so, and a further 48% saying they were unsure.

According to the survey of consumer finances carried out by Janus Capital Group, the financial crisis is to blame for the lack inheritance, as it has produced a generation of risk-averse Europeans who are not even saving enough for their own retirements, so are unlikely to have much to pass on.

Six European nations took part in the survey, of whom the French were most likely to expect to pass on wealth, and the Spanish and Germans least likely. 16% of UK respondents said they intended to pass on significant wealth to their children.

The research states that currently the average estate in the UK is worth £90,000 and is divided five ways, but according to Janus Capital this is likely to change, with 45-54 year olds unable or unwilling to save enough. 

If you’re worried about whether you’re saving enough for your children’s future and want the best home for your money, take a look at these seven smart ways to save for your children. 

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