Half of parents ‘hope to influence children’s life choices when gifting money’
Nearly a fifth of parents aged 55 and over said concerns about their children and grandchildren’s finances will also influence their gifting.
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More than half (53%) of parents hope to influence their children’s futures and life choices when gifting money, a survey has found.
Around two-fifths (43%) of parents believe a home is the most beneficial investment they can make for a child, according to the research from wealth manager Killik & Co.
Nearly a fifth (19%) of parents aged 55 and over said concerns about their children and grandchildren’s finances will also influence their gifting.
Overall, around seven in 10 (71%) parents and grandparents surveyed are planning to leave money to younger generations.
For those who are fortunate to be in the position to leave a gift, we are seeing many have a specific purpose in mind for this
But more than half (54%) of adults do not have a will, the research found.
Just over a fifth (22%) of parents said they would be disappointed if their inheritance intentions were not carried out.
Around three in 10 (29%) over-55s surveyed do not have a will.
Will Stevens, head of financial planning at Killik & Co, said: “For those who are fortunate to be in the position to leave a gift, we are seeing many have a specific purpose in mind for this.
“Be that to fund a private education or to help buy a home, many have a clear idea of what they’d like the recipient to use the gift for. However, without a clear plan this could be ignored.
“What’s more, financial planning also allows you to potentially gift in a better way, with advisers being able to explain key inheritance or capital gains tax rules and how to make the most of what the tax system gives you.”
He said will or legacy plans should be kept up to date as priorities shift.
Killik & Co commissioned Opinium Research for the survey of 2,100 parents.