Inheritance money not being relied on in later life
Reports recently have suggested that many UK adults are not preparing or planning financially for their retirement, but are basing their income in later years on monies received via an inheritance or an unclaimed estate.
Among the wealthy however, it seems the opposite is true and that money is very much being self-made, rather than inherited.
A survey carried out by Barclays Bank among some of the UK’s highest net worth individuals revealed that around 45% earned their money through entrepreneurship, whilst only around 14% said that they had inherited their money from relatives or other family members.
The bank puts these statistics down to an “explosion” of entrepreneurship, triggered by technology, globalisation and emerging markets.
Savvy small business owners and entrepreneurs have their finger on the pulse and have been able to ride the wave of the economic downturn, therefore continuing to amass their wealth.
Whereas perhaps in the past, many of these individuals would have relied heavily upon a substantial inheritance from their parents, they now claim that it is easier to create wealth in today’s modern markets, despite the recession.
Regardless of how wealthy an individual is it still also seems likely that the majority of people in the UK still have not made a will. Statistics still say that 70% of the population do not have a will This is staggeringly high considering the complications involved in intestacy and the intestacy rules. More so considering that todays family dynamic is for second marriages and or living with long term partners.