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Average inheritance is £119,000

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Average inheritance is £119,000

Two thirds of Brits plan to leave an inheritance and a fifth of us expect to recieve one, according to SunLife.

The firm’s Cash Happy Report found that the average inheritance now stands at over £119,000, and most of us would save the money.

One in 10 reckon they would save it all (11%) while a further eight in 10 would save most of it – £56,596 on average. 

Two fifths would use £6,000 of the cash to pay off debts while almost a third (29%) would clear an average of £16,000 off their mortgages.

Small spenders

Most (75%) said they would then spend the rest – £21,400 on average, with the top choice being a holiday.

A quarter of younger people (18-34s) would use the money to put a deposit down on a home, while over half of over-55s would spend the money on home improvements.

Over-55s are also much more likely to spend on others; more than half would use some of their windfall to spoil their families compared to just a third of 18-34s.

Ian Atkinson, head of brand at SunLife says: “It’s quite impressive that people would only plan to spend about 20% of an inheritance, and save more than half of it.

“As our research has found, saving money can make us happier than spending it. The research also shows that experiences can make us happier than things, so where people are spending some of their inheritance, it’s interesting to see the top choice is in fact an experience – having a holiday.”

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