A new survey by Remember a Charity has found that more than two thirds of people under 45 years-of-age are happy for their parents to leave a charitable bequest in their wills, despite increasing financial uncertainty.
The research conducted by Remember a Charity and published today, showed that over 65 per cent of adults under the age of 45 would “be happy for their parents to leave a charitable bequest, donating an average of 16 per cent of the value of their estate to charity”.
A further 9 per cent of under-45s surveyed said they had “actively encouraged” their parent to make a charitable donation in their will, while 5 per cent said they “would be happy for their parents to their full estate to charity”.
Remember a Charity surveyed 1,014 people aged between 30 and 45 and a further 1,008 people aged 65 or over between 14 and 18 July this year.
In terms of the over 65s, more than half of respondents said they would “like to leave a charitable gift in their will” but said they were more concerned with supporting their family. However, most said they would “be happy to donate 5 per cent of the value of their estate” to charity in their will.
The survey found that over 80 per cent of under-45s were worried about their financial future, and that 67 per cent had “scaled down their inheritance expectations”, with less than 30 per cent factoring inheritance into their long-term fiscal planning.
More than half of elder respondent’s also responded saying they were concerned by their own financial futures, but more than 60 per cent had concerns about the futures of their children.
Both age groups blamed “the rising cost of living, social care, property prices and Brexit” as factors driving financial uncertainty and reduced inheritance expectations.
Rob Cope, Director of Remember a Charity, said: “This study suggests a shift in attitudes between generations. The older generation is enthused about the concept of leaving a gift, but remains understandably anxious about the need to take care of their families.
“Meanwhile, the under-45s have become less expectant about receiving a sizeable inheritance. They are happy for their parents to make provisions in their Will for all those things that matter to them, including good causes.
“Despite the spiralling costs of living, social care and economic uncertainty around Brexit, people have a strong social conscience and many even encourage their parents to use their estate to make the world a better place.”
The survey was published ahead of the organisation’s Remember a Charity in your Will Week which runs this year between 11 -17 September.
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