PRESS RELEASE FOR IMMEDIATE RELEASE - 21st October 2022
Majority of Scots have no will or plans in place for inheritance- YouGov/Progeny
This means people can be missing out on the ability to:
- Choose who their money will pass to
- Gift money to loved ones in their lifetime
- Reduce their inheritance tax bill
64% of those in Scotland have no plans in place for passing on money to their loved ones and only 31% have a will in place, according to a national survey by professional services firm, Progeny in conjunction with YouGov.
The research report - Planning to pass it on - conducted by YouGov for Progeny, aimed to uncover national attitudes around gifting or leaving money as an inheritance, and polled three generations for their views.
Intention without action for the majority
The majority of respondents nationally said they intend to pass on something to the next generations of their family, with 60% planning to do so.
However, of those aiming to provide financial support or inheritance to loved ones, 49% didn't know, beyond that, how they might do it, rising to 64% in Scotland. Just 8% of respondents in Scotland reported having a formal plan in place, compared to a national average of 17%.
70% said they had either not considered making a will, didn't need one or had not yet got around to it.
People from Scotland were also most likely to make financial decisions without consulting any sources of information or advice, with 36% saying they made decisions unaided. 34% consulted family and friends and only 10% reported using an independent financial adviser.
Impact of cost of living
Unsurprisingly, the cost of living was seen as the biggest current financial concern, cited by 60% of respondents in Scotland, followed by fears over not saving enough (51%). However, looking to the future, people in Scotland more worried about maintaining their lifestyle in retirement (39%) compared with the national average (33%).
Neil Moles, CEO of Progeny, said: "This research has given us an illuminating snapshot of national and regional attitudes towards inheritance and the barriers to planning or passing on money to loved ones.
"Money and death are two of the biggest taboos, yet putting off planning for the future may mean many people miss out on opportunity to support family members in their lifetime, impact the long-term financial security of a surviving partner or create unnecessary tax liabilities.
"We saw the impact of the cost-of-living crisis clearly reflected in the results but it's equally important that the demands of the present day don't distract people from planning effectively for their financial future.
"Some may be the first generation of their families to need to prepare for considerations like Inheritance Tax and planning ahead is likely to lead to better outcomes for everyone."
ENDS
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1004 adults. Fieldwork was undertaken between 12th - 18th August 2022. The survey was carried out online. The figures have been weighted and are representative of GB adults aged 24 - 74.
Millennials (aged 24 - 39), Gen X (aged 40 - 55), Baby Boomers (aged 56 - 74)
Notes to editors
Progenyis the first and only firm in the UK to bring together independent financial planning, asset management, tax, HR and private and corporate legal services.
Image of Neil Moles, CEO of Progeny
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Rich Ellis
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