31st May 2008
The Age of Inheritance explores patterns of inheritance transfers in the UK over time.
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 report is authored by James Lloyd of the ILC-UK and Andy Ross and Michael Weinhardt of the National Centre for Social 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.
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 statistical analysis for this research.
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