Many pensioners ‘giving while living', as opposed to leaving an inheritance

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29th April 2015 18:08 - Financial Services

A survey of more than 16,000 people in 15 different countries has found that approximately 50 per cent of pensioners are “giving while living”, Many pensioners ‘giving while living as opposed to leaving a pension as opposed to leaving a traditional inheritance to their loved ones.

The survey also found that 60 per cent of those who have retired provide finance support to their family and friends.

Of the respondents, around 50 per cent said that they regularly gave money to a spouse, a younger relative or their friends, whilst 19 per cent said that they gave money to their grandchildren.

When looking at the geography of those who choose to “give while they live”, it can be seen that those in Malaysia, Indonesia and Turkey all have a high percentage of pensioners providing financial support, as opposed to leaving an inheritance.

On the other hand, the respondents from Australia, the USA and Canada only had a small percentage of older people choosing to give money to their relatives and friends, now.

The research highlighted the fact that there is a difference between what people hope to receive in inheritance money and what they get in reality.

The findings showed that 74 per cent of people (of working age) hope to leave an inheritance to their children, whilst only 29 per cent are certain that they will do this.

Of the respondents in the UK, 58 per cent of people of working age said that they would like to leave an inheritance behind, whereas just 33 per cent had ever received one, themselves.

The report warned that the expectations, of people in the UK, are unrealistically high in terms of how much inheritance they anticipate they will receive.

The findings showed that 54 per cent of those expecting to inherit a sum of money claim that it will help them during their retirement, whilst 15 per cent said that it will fund their retirement entirely.

When considering the effect that “living inheritance” has on pensioners, the report found that 41 per cent are concerned they are not able to financially support their loved ones. A similar figure are worried that they are overly-reliant on friends or relatives for financial support.

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