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Younger generations set to inherit more than predecessors

Younger people are likely to inherit more wealth than their predecessors in previous generations in both absolute and relative terms, according to research by the Institute for Fiscal Studies (IFS).

Of those born in the 1970s, 75% have either received or are expected to receive an inheritance from an elderly member, compared with 60% born in the 1950s and 40% born in the 1930s.

Among the younger generation, those with a higher income are more likely to expect to receive an inheritance. 

90% of young adults with higher incomes have received or are expected to receive an inheritance, compared with 60% on lower incomes.

Further findings:

  • over half of younger people who have received an inheritance totalling more than £250,000 are in the top 20% of lifetime incomes
  • between 2002/03 and 2012/13, household wealth of the elderly increased by 45%
  • 72% of those households now expect to leave an inheritance, up from 60% a decade ago.

Andrew Hood, senior research economist at IFS, said:

“Today’s elderly have much more wealth to leave to their children than their predecessors did, primarily as the result of higher homeownership rates and rising house prices. 

“At the same time, today’s young adults will find it harder to accumulate wealth of their own than previous generations did, due to the sharp fall in homeownership for that group, the dramatic decline of defined benefit pensions in the private sector and the stagnation in their incomes.”

Contact us today to discuss estate planning.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 0500 234111 / 01442 275767 or email heather@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.