Half of over 50s want to leave an inheritance when they’re gone

16 May 2024
5 min read

PRESS RELEASE

• 49% of over 50s – around 12.7 million people – want to leave an inheritance when they’re gone
• And almost 3 million are prepared to cut back on their own retirement to leave a financial legacy
• But with 73% worrying about rising costs and 37% concerned they’ll run out of money in retirement, leaving cash behind can be difficult

Half (49%) of people over 50 say they want to be able to leave their loved ones some inheritance when they're gone, according to data from SunLife, and are prepared to sacrifice their own financial stability to do so.

SunLife’s study of 2,000 people aged 50 and over found that 6.9 million (51%) women and 5.8 million (47%) of men want to be able to leave a financial legacy behind after they are gone.

A further 11% – 2.8 million people – said that they want to ensure they save enough to leave an inheritance to their family, even if it means cutting back their spending in retirement.

Mark Screeton, CEO at SunLife, said:

“Our Life Well Spent report shows that over 50s are driven by family – 87% list family as the thing that makes them the happiest. And 23% have already given substantial cash gifts to loved ones, so it’s understandable that they would want to leave money behind too.

“But with costs rising, 27% of over 50s relying on the state pension alone, and 37% worried they’ll run out of money before they die, it can be difficult for the older generation to factor in setting aside an inheritance without making huge sacrifices in terms of their own financial wellbeing.”

About the Life Well Spent report 2023

To better understand the relationship between happiness and major spending decisions, in 2023 SunLife asked over 2,000 people over 50 to share:

• What big purchases they’ve made in later life
• The big purchases they’d like to make if money was no object
• How their spending has affected their happiness

The report covers holidays, home improvements, family, debts, other big purchases and equity release. With the cost of living on everyone’s minds, the findings are a window into the lives, concerns and dreams of people over 50.

Sources:

ONS Population Data (released March 2024)(www.ons.gov.uk opens in a new tab)– there are 26,028,478 over 50s in the UK, 13,668,658 women over 50 and 12,359,820 men over 50.

SunLife Life Well Spent report – study of 2,000 UK adults over 50, found that 49% want to leave an inheritance (51% women and 47% men) and 11% (12% women, 10% men) would sacrifice their own retirement to do so.

• 49% of 26,028,478 is 12,753,954
• 51% of 13,668,658 is 6,971,016
• 47% of 12,359,820 is 5,809,115
• 11% of 26,028,478 is 2,863,132
• 12% of 13,668,658 is 1,640,239
• 10% of 12,359,820 is 1,235,982