New research from equity release adviser Key, finds more than 11.6 million people in the UK have received an inheritance in the past 10 years with the average age at which people receive this windfall sitting at 47 years old. Its study found more than one in five (22 per cent) adults have received money as an inheritance rising to nearly one in three (29 per cent) among those aged between 65 and 74.
Average pay-outs from parents can be as high as GBP65,600, the study found, and Key believes the scale of inheritance and the average age makes the case for pre-inheritance so that people are receiving money when it is potentially more useful.
Around 34 per cent – around 3.9 million people – have invested or saved some or all of the cash, and 1.7 million have paid off their mortgage. A further 1.1 million have used the money to buy their first home thanks to an inheritance and nearly one in 10 (9 per cent) have even put some or all the cash into their pension.
More than half (51 per cent) of those who have received inheritances were left money by their parents while a fifth (19 per cent) received cash from grandparents. Around 16 per cent were left money by uncles or aunts and 13 per cent received cash from family friends. Around 11 per cent of people – around six million – have received an inheritance from their parents while 4 per cent – the equivalent of 2.3 million people – have had cash from grandparents.