People less likely to leave inheritances

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People less likely to leave inheritances

Tue 19th Jul 2005

Two out of three adults with the means to make a bequest say they plan to enjoy life and not worry too much about leaving a legacy, a new poll suggests.

Although most Britons are attracted to the idea of bequeathing a house or money to family or friends when they die, in practice many take a more relaxed view.

The first-ever national survey of attitudes to inheritance was carried out on behalf of the Joseph Rowntree Foundation and discovered that little more than a quarter of those with the potential to make a bequest said they would deliberately budget to do so.

The survey found that even among pensioners, a majority reject the idea that older people ought to be careful with their money, so they can bequeath something when they die.

The poll of 2,000 adults, by Karen Rowlingson of Bath University and Stephen McKay of Bristol University, also revealed widespread misunderstanding about liability for inheritance tax, with a small minority of those surveyed levied on just six per cent of estates during the previous year.

Karen Rowlingson, a senior lecturer in social policy at the University of Bath and co-author of the report, said: "This first-ever survey of attitudes to inheritance in Britain suggests that although most people would like to be able to make bequests when they die, they are also willing to use up their savings and housing equity if they need the money to maintain a reasonable standard of living."

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