According to Dreams, 38% of British millennials today admit their spending patterns are heavily influenced by anticipation of a future inheritance.
In 2021, the company interviewed 1,500 British millennials to explore how expectations of a future inheritance influences the generation’s financial planning. This was in the light of predictions from the Institute of Fiscal Studies, which predicted the median inheritance for those born in the 1980s to be approximately £136,000.
Rosvall says: “It is important that younger generations understand the value of saving money themselves and spending within their means, and the positive impact this can have on their all-round wellbeing.”
According to Jonathan Sandell, investment proposition director for Scottish Widows, having a mindset that is focused on a potential inheritance, rather than focusing on what young people can do now to start generating wealth, is a dangerous one.