49% of over 50s want to leave an inheritance, SunLife finds

Almost half (49%) of people over 50 have said they want to be able to leave their loved ones some inheritance when they are gone, according to recent data from SunLife. 

In pursuit of leaving an inheritance, these responders are prepared to sacrifice their own financial stability. 

SunLife’s study of participants 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 meant 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.”