Poll reveals family feuds over inheritance of Baby Boomers’ wealth
Tory squabbles over high government borrowing highlight the fiscal burden being placed on the next generation. So it seems doubly unfair that many older people think their offspring can’t be trusted with money.
In a YouGov poll for financial adviser Progeny, a quarter of Baby Boomers (aged 58 to 76) said they didn’t trust the younger generation to use their inheritance wisely. And nearly half (48%) said the younger generation’s attitudes and priorities affected their decisions about bequests.
Those hoping to inherit were more likely to give themselves top marks for financial acumen. In all, 45% of Gen X (aged 42 to 57) and Millennials (26 to 41) polled said they were confident about putting an inheritance to good use.
Meanwhile, over half (53%) of respondents said they didn’t plan to tell beneficiaries what they could expect.
With so much Baby Boomer wealth tied up in property, Progeny chief executive Neil Moles urged an open approach: “Addressing the issue as a family is likely to lead to better outcomes for everyone.”
Sage advice – unless your family makes the Tory Party look like a model of perfect harmony.
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