A survey has revealed the top things people who leave an inheritance say they would like the beneficiaries to do with it, with savings and housing prominent in the results.
More than one in five people say if they leave an inheritance, they’d like their family to put at least some of it into savings (21%); 19% said they would want them to put it toward a property purchase; 19% said they wanted them to ‘have fun’; and one in three (31%) said they didn’t care what the money was spent on.
The survey was conducted by Hargreaves Lansdown with respondents asked how they wanted the beneficiaries of an inheritance to behave, and what they would do if they were to receive a significant inheritance themselves.
One of the most striking features of the responses said Sarah Coles, head of personal finance at Hargreaves Lansdown was the view of those leaving money who wanted the recipient to ‘have fun’ and they generally didn’t care what they did with the inheritance.
By contrast, whether out of a sense of duty or pressure, respondents said they were more likely to put the money into savings (53%) investments (27%) or buying a house (19%) – having fun was seventh on the list.
A significant number of people say they would invest at least part of any inheritance – at 27% – rising to 38% among those aged 18-34. And given concerns around pensions it is no surprise, said Coles, putting money into a pension is in the top ten of things people want their family to do with an inheritance, and if they were the recipient of the money nearly one in five (17%) said contributing to their pension would be a priority.
One standout statistic that didn’t make the top 10 concludes Coles is that only 3% would seek financial advice
“For some people, the process can be overwhelming, and in those cases, it can make an enormous difference to get some financial advice… for anyone with an inheritance and concerns about doing the right thing, it could be an incredibly valuable step.”
Top 10 things people would want their family to do with an inheritance
| I don’t mind | 31% |
| Put money into savings | 21% |
| Have fun | 19% |
| Buy a house | 19% |
| Pay off the mortgage | 14% |
| Pay off other debt | 14% |
| Put money into investments | 12% |
| Spend it as they go along | 11% |
| Put money into their pension | 10% |
| Spend it on a big one-off | 6% |
Top 10 things people would do with a significant inheritance today
| Put money into savings | 53% |
| Put money into investments | 27% |
| Pay off the mortgage | 19% |
| Pay off other debts | 19% |
| Put money into my pension | 17% |
| Buy a house | 17% |
| Have fun | 16% |
| Spend it as I go along | 12% |
| Spend it on a big one-off | 12% |
| Don’t know | 6% |
