Millions of parents in the UK are changing their inheritance plans in response to the cost-of-living crisis, new research from Killik & Co suggests.The findings show the economic situation has directly affected the wealth transfer plans of more than a fifth (22%) of parents.
More than seven in ten (72%) people in this group have already given or are planning to pass on money to their children early, and a quarter (26%) are now expecting to leave nothing at all. As households continue to face huge inflationary pressures, a third (33%) of parents say they’re worried about the ability of their children or grandchildren to cope, yet more than one in ten (13%) are no longer able to help them financially. Only a fifth (20%) are confident they can deal with the impact on their own finances, while a tenth (10%) are now receiving financial support to help with higher living costs.
Killik & Co’s latest research comes as households face significant increases in the costs of food, energy and housing. Figures from the Office for National Statistics show regular wages are failing to keep up, forcing many people to turn to other family members for help.
