Britons 'aim to bequeath £182,000'

British retirees expect to leave an inheritance to their children worth £182,000 on average, a figure which is among the highest recorded across a global study.

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File photo dated 16/01/07 of money as bold action should be taken by the Government to warn people about the danger of problem debt in the same way that campaigns raised awareness about HIV and Aids in the 1980s, a think-tank has urged.

British retirees expect to leave an inheritance to their children worth £182,000 on average, a figure which is among the highest recorded across a global study.

Almost two-thirds (64%) of retirees in the UK said they plan to leave an inheritance and only Australia and Singapore had higher average expected windfalls, HSBC's survey of more than 16,000 people in different countries found.

The research found the proportion of retirees in the UK expecting to leave an inheritance is bigger than the share of working age people expecting to receive one, at 48%.

Of those expecting a windfall, about two-thirds (64%) will use it to partly fund their own retirement.

Christine Foyster, head of wealth development at HSBC UK, said: "It's good to see that even in these tough times, parents plan to leave an inheritance to their children.

"However, it is vital that people do not rely on these potential windfalls to fund their retirement. Whatever their good intentions, parents may face their own unexpected hurdles and require the money to fund other things such as their own medical and nursing care in later life."

The Future of Retirement study also found that many Britons are not waiting until after their death to pass on their wealth to their relatives. Almost a third (31%) of working age people in the UK have already received a significant financial gift or loan from their family with a total average value of £8,189.

More than 1,000 people took part in the UK study.

Here are the average amounts retirees expect to leave in an inheritance, by country, with the percentage of retirees expecting to leave a windfall and the average amount:

1. Australia, 69%, £321,743

2. Singapore, 70%, £237,799

3. UK, 64%, £182,144

4. France, 64%, £143,397

5. Taiwan, 70%, £122,461

6. United States, 56%, £113,342

7. Canada, 57%, £109,714

8. Hong Kong, 70%, £93,553

9. Brazil, 71%, £84,462

10. Mexico, 84%, £61,761

11. China, 59%, £43,860

12. India, 86%, £30,625

13. Malaysia, 78%, £24,881

  • Average, 69%, £95,003