Nearly two-thirds expected to pass on their family homes, although 12 per cent saw the housing crash hamper their ability to leave their homes as an inheritance.
The research also showed a willingness to consider strategies other than inheritance for spreading wealth in the family. A fifth of respondents would give cash loans, with this rising to 25 per cent among 55-64 year olds. The same number of 55-64 year olds would regularly give money to family members to avoid paying inheritance tax.
However, only 7 per cent would offer tax-free cash from their own pension to others.
Clive Bolton, managing director of Aviva’s At Retirement business, said: “It is not just the older generation who have seen their financial realities change, but younger family members who often need support to access the property ladder or raise children.”
Mike Fry, director of Cheshire-based Halton Insurance Services, said: “This is a really good snapshot of how people are really feeling the pinch. Nobody can really say that their home is the best inheritance available anymore.
“I would do equity release in a heartbeat and give the money from my home to my children now. What’s the good in them waiting another 30 years till I die? Once that happens and the home is sold, they could be 60 years old. They need the money now.”
Actions the over-55s would take instead of leaving an inheritance (source: Aviva)
Giving a cash loan to family members
Investing jointly in property with family members
Regularly giving money to family members to avoid inheritance tax
Taking out tax-free cash from a pension to give to others