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Britons urged to discuss inheritance with family
August 25, 2011
An Aviva report suggests that two-fifths of Britons expect to receive an inheritance, yet 76 per cent would be happy for their parents to release equity from their home to fund their retirement plans.
Over-55s have been advised to discuss the subject of inheritance with younger family members, after a study revealed that two-thirds of people would not have an open discussion about it with their parents.
Aviva found that 63 per cent of people have not had - and do not plan to have - an open discussion about inheritance with their parents, even though 40 per cent expect to receive money.
The company's survey also revealed that 76 per cent of people would be happy for their parents or grandparents to consider equity release in order to fund their retirement.
This could be suitable option for many over-55s, with figures in Aviva's recent Real Retirement Report showing that the average person in this age group has £17,112 worth of unsecured debt, including credit cards, personal loans, overdrafts and store cards.
Clive Bolton, 'at retirement' director at Aviva, said: "Despite the British taboo of discussing inheritance, it seems that three-quarters of Britons are happy for their parents to use the cash in their property to enjoy a better lifestyle in retirement.
"Retirees should be encouraged to talk openly with their families about their plans and dreams for the future."
The latest Aviva figures follow recent research from Skipton Financial Services, which found that millions of young adults in Britain have already received all or part of their inheritance, despite their parents still being alive.
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