Thirty per cent of UK adults aged between 18 and 34 years have said they would use inheritance money to get on the property ladder, according to new research from Just Group.
The retirement specialist suggested this reflects the ‘challenge younger generations face in purchasing their own home.’
The Just Group data, which came from Opinium Research conducting a survey amongst 4,000 UK adults in January 2019, found that although different age groups have different priorities, they are united in their focus on property – with it being a top three priority for each group.
For adults in the middle-age group, those aged between 35 and 54 years, Just Group revealed priorities were more likely to be about securing financial futures and clearing the major debt of a mortgage – with 32% of respondents intending to use the money to pay off their mortgage – the most popular choice in this age group.
Furthermore, home renovations were more important for over-55s than any other age group, with 22% suggesting they planned to use inheritance money to improve their homes.
Fifteen per cent of adults in this age bracket also said that they would focus on paying off their mortgage with any inheritance money.
Group communications director at Just Group, Stephen Lowe, commented: “Inheritance can provide a significant cash windfall and it is evident that many people are planning to use these funds to buy or improve their property in some way.
“The contrasting priorities of the different generations clearly reflect the property journey that many in the UK will follow over the course of their lives.
“The youngest focus on getting on the property ladder, before attention turns to paying off the mortgage and finally, we see over-55s starting to consider home improvements as they move into retirement.”
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