A new survey has found that the elderly are almost twice as better off as they were in 1995 with some experts stating that the “grey pound” is keeping the UK economy going.
The figures, which were compiled from multiple sources by The Guardian, showed that the average pensioner income increased by an estimated 50% in real terms between 1995 and 2011, and more than one in 10 pensioners have total wealth of £1m or more. The report also found that the elderly accounted for 47% of the UK’s spending.
Despite the figures, however, the richest quarter of pensioners were earning three to four times more than the poorest pensioner, however, the rise in the wealth of pensioners in helping the nation, especially the youngest.
Living Inheritance
According to a report from the website Unbiased.co.uk, 68% of adults and pensioners intend to leave their properties, worth on average, £182,000, to their loved ones. Furthermore, the report also found that more than three-quarters of pensioners planned to leave a significant cash settlement in their will. The study found that on average this amount was around £51,000.
Karen Barrett, chief executive of Unbiased who wrote the report said: “More than half expect to leave tangible assets such as paintings, jewellery and antiques, with an average value of £22,000.”
Although leaving settlements in a will is still a popular option, with life expectancy increasing, many pensioners are opting to provide a “living inheritance” to their heirs in order to aid with university bills, buying a property or debt. Indeed this option of providing a “leg up” is becoming increasingly popular, however still highlights the importance of a will.
Making a Will
Many believe that making a will is too costly, however, a will ensures that your estate is handed down to those it is meant for, and that you do not lose a significant sum of money fighting a legal battle or in inheritance charges. While making a will may seem costly, the expense of not having one could prove to be significantly costlier.
Contact Us
If you require advice on any legal matter regarding the elderly, or you require advice on how to make a will, our team of solicitors can help. Contact us today using our online contact form.
