May 30 2008
Many thousands of British consumers are overestimating the scale of the inheritance windfall they can expect in years to come, it has been claimed.
According to research carried out on behalf of Engage Mutual Assurance, more than one in ten people believe they will need to inherit money before they can get on to the property ladder.
Furthermore, close to a quarter are convinced that their inheritance will enable them to pay off their mortgage in full.
However, Engage Mutual has pointed out that so many people have struggled in their efforts in saving for retirement that most pensioners are finding it tough even to make ends meet and unlikely to leave many assets to their children.
"We encourage people to take control of their families' futures and save little and often; even £10 each month could make some difference in the long run," said Karl Elliott, 3GB spokesperson for Engage Mutual.
Alliance & Leicester reported recently that saving for retirement and for children is becoming more of a priority for British consumers in light of the current economic climate.
