Credit crunch will eat into inheritance, say Brits
www.moneynews.co.uk > General finance > Credit crunch will eat into inheritance, say Brits
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Credit crunch will eat into inheritance, say Brits
Tue 17th Mar 2009
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According to research by Lincoln Financial Group, around 16 million people in the UK say that the economic downturn will have an impact on the wealth they intend to pass on to the next generation.
The group found that some Brits are taking steps to minimise the recession's effect on inheritance, such as taking out a life insurance policy or downsizing their property.
Simon O'Connor, head of products and marketing at Lincoln Financial Group, said: "Falling stock markets and the reduction in house prices for instance means that people need to carefully plan ways of ensuring they are able to provide as much inheritance as possible for their family."
Recent research by Prudential revealed that many Brits approaching retirement age are also expecting their pension packages to be smaller thanks to the credit crunch.
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