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Catch up with the latest press releases from LV=

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Property and good manners - the great British legacy

Press release: 07/09/2011

  • Property tops list of financial assets Brits want to pass down
  • Good manners are the attribute Brits most want family to inherit

A new report from protection and retirement specialist LV=, reveals that property and money are the assets that Brits most want to pass down to their children, at 59% and 58% respectively. More than 40% of people would like to leave their children their engagement and wedding rings, making them the third most common item to bequeath.

Although just 3% of Brits say that they are not planning to leave anything to their family, a quarter of people (25%) say they do not expect to receive any financial inheritance at all. In fact, LV='s research shows that less than half (42%) are banking on receiving an inheritance to help bolster their finances.

Across the UK, Brits in the North East are the most likely to rely on a form of inheritance (55%) to boost their finances, whereas those in Northern Ireland are the least likely to rely on an inheritance (34%).

Of those Brits who expect to receive an inheritance, the most common planned uses (6%) are retirement funding and as a boost to a savings pot (6%); with a further 5% saying they will use any inheritance to pay off their existing debts and loans.

As well as financial assets, the new report also looks at the qualities and skills that Brits would like to pass on to their children and other family members. The research finds that good manners (85%), good behaviour (82%) and good values (82%) are the traits that Brits would most like their family to inherit, with good values proving to be the characteristic most would like to be remembered for (32%). These attributes are also the ones that Brits most believe were passed onto them by their parents, grandparent or family. Money management skills were listed as the fifth most important attribute to pass on to family members.

John Perks, LV= Managing Director, Retirement Solutions said: "This research highlights a disparity between the number of Brits who are planning to leave some kind of financial asset behind for their family and those who believe there will anything left for them to inherit - this suggests that many may be pleasantly surprised.

"However, it is quite worrying to see that of those who are relying on an inheritance, one of the main reasons cited is the funding of their retirement. Given that we are all living longer, relying on an inheritance to fund your retirement is a rather risky strategy. In order to ensure a comfortable retirement, it is essential that people start saving as soon as possible.

"If people do want to leave an inheritance for their family, it is important to seek expert advice on the relevant financial products that can help, and make a will as early as possible so that their intentions for their assets will be followed."


Items we would like to pass down to our children / family

Percentage of adults

Main home

59%

Savings and investments

58%

Wedding / engagement rings

43%

Other jewellery

40%

Motor vehicles

30%

Watches

29%

Music collection

27%

Furniture

26%

Pictures / paintings

25%

Electrical items

22%

Antiques

20%


Non-tangible assets we would like to pass down to our children/family

Percentage of adults

Good manners

85%

Good behaviour

82%

Good values

82%

Good social skills

74%

Money management skills

70%

Good education

69%

Parenting skills

58%

Interest in reading

55%

Respect for the environment

55%

Cookery skills (including inheriting family recipes)

48%

Interest in music

40%

Good elocution

40%

Learning to drive

38%

DIY skills

37%

Notes

Research was carried out online by Opinium among 2,022 UK adults aged 18+ from 12 – 15 July 2011 on behalf of LV=. Results have been weighted to nationally representative criteria.

LV= and LV= Liverpool Victoria are trademarks of Liverpool Victoria Friendly Society Limited. LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies.

LV= employs around 4,500 people, serves over four million customers and members, and manages around £8.1bn (as at 31 March 2011) on their behalf. We are also the UK's largest friendly society and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority and entered on the Financial Services Authority Register No 110035. LVFS is a member of the ABI, AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.