If you live in England and you are hoping to inherit money someday – you may want to think again. That’s because today’s retirees are finding themselves spending down all of their savings, and leaving virtually nothing behind when they die.
Prudential Research
Research by the Prudential shows that 26% of people in England retiring this year don’t expect to leave any inheritance. Another 22% weren’t even sure that the amount they’ve saved for their retirement will see them through their retirement days.
Only 39% of those polled said that they were confident that they would have enough for a comfortable retirement. Many people are even facing the prospect of working for more years, to push back their retirement age. Factors influencing this difficulty include the increase in food, energy and gas prices and other sky rocketing costs.
Class of 2011…Start Earning for Yourself Now
The Prudential study, called Class of 2011, found that there is a discrepancy between the genders in this regard. While 56% of men expect to leave an inheritance, only 48% of women believe they will do so. The average expected retirement income for this year is only £16,600.
Interestingly, 67% of Scotish retirees believe that they will leave an inheritance, and only 43% of those in Wales think that they will.
