The Age of Inheritance

May 7, 2008 | REPORTS

Research exploring changing patterns of inheritance transfers in the UK. The research looks at how receipt of inheritance varies by age and socioeconomic group, and analyses the expectations of older cohorts for leaving an inheritance in the future.

The Age of Inheritance explores patterns of inheritance transfers in the UK over time, and among different age and socioeconomic groups.

The ILC-UK is extremely grateful to its partners in this project:

* Norwich Union whose generous support made this research possible.
* NatCen, who undertook the analysis for this research.

Key findings of the research include:

* Around 2.5% of the population receive an inheritance each year, and the average amount of inheritance received has doubled in less than a decade.
* Older age groups are both more likely to receive an inheritance and for it to be of higher value.
* Higher socioeconomic groups are more likely to receive an inheritance and there is some indication that the amount they receive is also larger.
* Among older groups, wealthier individuals also report a higher expectation of receiving an inheritance in the future.

Media coverage of this research includes:

“Care needn’t cost all the family silver” by David Brindle, The Guardian
Property prices fuel inheritances by BBC News Online

To accompany this research, the ILC-UK simultaneously published Navigating the Age of Inheritance, which explored the implications of the research for public policy.

Authors: Andy Ross, James Lloyd, Michael Weinhardt