"Renters, particularly those entering or living through retirement, may need a larger savings cushion to manage daily expenses, making wealth transfer seem daunting."
- Jill Mackay, Savings Specialist at Scottish Friendly
Of those surveyed (2,600) – as part of Scottish Friendly’s ‘Family Finance Tracker’ 2024 – the most commonly cited long-term priorities for adults in the UK were retiring early (22%), leaving an inheritance (21%), and paying off the mortgage early (20%).
Although 17% said they don’t have any long-term financial goals, 59% of respondents said they know what assets they want to pass on. 72% expect to be able to pass on the family home, followed by a cash lump sum (55%), their pension (32%), family heirlooms (30%), investment portfolio (17%), property portfolio (17%), and a business (9%).
Notably, Scottish Friendly found that people renting property were amongst the least likely to plan for wealth transfer and often experience greater financial discomfort compared to homeowners.
“These findings highlight the significant value people place on leaving a lasting legacy for their loved ones. With over one in five prioritising an inheritance in their long-term financial planning, it’s evident that securing their family’s future is a key concern,” explained Jill Mackay, Savings Specialist at Scottish Friendly.
She said: “Conversely, the findings also highlight the challenges faced by families not on the property ladder. Renters, particularly those entering or living through retirement, may need a larger savings cushion to manage daily expenses, making wealth transfer seem daunting.
“However, it’s possible, even small, consistent investment over time can accumulate, enabling people to pass on a meaningful cash inheritance to their family,” Jill concluded.
