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Northerners Most Comfortable Discussing Inheritance With Loved Ones – YouGov/Progeny

Photo by Melinda Gimpel on Unsplash

People in the north of England are more comfortable discussing inheritance plans with their families than those in any other part of the country, according to a national survey by professional services firm, Progeny in conjunction with YouGov.

80% of respondents in the north said they felt comfortable talking about their plans with their loved ones, compared to a national average of 73%. Londoners were the least comfortable, at only 64%.

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

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, over half of those questioned in the north of England (51%) didn’t know, beyond that, how they might do it.

45% of those in the north also said they thought that living life to the full was more important than leaving an inheritance.

Cost of living concerns

There was clear evidence across the nation of the impact of the current economic climate in the survey responses.

The increase in cost of living topped the list of financial concerns or challenges in the north (59%), followed by anxieties over not having enough for emergencies (42%) and not saving enough (39%).

Neil Moles

Neil Moles, CEO of Progeny which is headquartered in Leeds, said: “This research has given us an illuminating snapshot of national and regional attitudes towards inheritance and intergenerational wealth transfer today.

“Transferring money to the next generation is an ambition for many, yet there is a stark lack of any structured planning in evidence. This creates risk and missed opportunities for those on both sides of the inheritance divide.

“In the years ahead, we will see more families having more complex requirements when it comes to passing on their money to the next generation.

“Some may be the first generation of their families to need to plan for intergenerational wealth transfer or prepare for considerations like Inheritance Tax.

“Money and death are two of the biggest taboos yet communication around inheritance plans is so important within families as it helps to build trust.

“Addressing the issue as a family is likely to lead to better outcomes for everyone. Creating a joined-up, coordinated plan for giving and receiving an inheritance will help the older generation to pass on funds effectively when the time comes and ensure today’s younger generations have something to pass on in future.”