As I predicted.
Some millennials have unrealistic expectations of inheritance and how it may unlock the door to buying a first home, a survey suggests.
They’re planning money they don’t have on something they don’t need?
They don’t want kids? Do you really need to own the white box packed with Ikea furniture?
One in seven young adults expect to inherit money before they are 35, although in reality the typical inheritance age is between 55 and 64.
If your parents aren’t Boomers with party animal health.
The survey, by wealth manager Charles Stanley, suggested that young people expected to receive nearly £130,000.
That’ll buy you a cupboard, Harry.
However, the median average amount handed down was only £11,000.
Minus Sharia tax.
Immigrants themselves will have to divvy between all twelve close family and thirty distant.
Fiver each if they count cousins. You never know how many cousins you have until there’s a funeral.
Advisers said that relying on an inheritance to pay a deposit for a first home was often misguided, even if older family members intended to pass on money when they died.
“People are living longer than ever, so relying on an inheritance to get on the housing ladder is a risky strategy as you may get less, and much later than planned,” said John Porteous, from Charles Stanley.
Trans. : Fuck-all.
“In reality, most people save and invest to get on the housing ladder. Starting early and planning ahead is essential to achieving the deposit you need.”
Your lazy credit-munching ways are genetic, really?
If only we had a digit metric of this!
Did your tutors call you smart? Did you go to forest fun camp? Were you told you were better than other kids and had so much ‘potential’?
They tell that to all the kids.
“Lie to children.”
The research suggested that 22% of millennials expected to receive inheritance to use as a deposit, although official statistics suggest only 7% actually did so.
By the time they get it they’ll afford a drawer.
The Russians have infinity money to bid.
Root out corruption in the shell game of foreign property ownership.
The average expectation of when that inheritance would be received was the age of 50, yet figures from the Office for National Statistics (ONS) show that they would have to wait for at least another five years.
Even when that money arrived, ONS data showed that inheritance was much less lucrative than many asked in the survey expected.
I can understand if you want money to live but if you want festival gibs and a picket fence, nah fam.
This isn’t the 1950s you hate on.
Others in the industry have argued that the UK public is “largely ignoring” financial planning for death.
Dan Garrett, founder of will writing service Farewill, said that 30 million people in the UK had not written a will, partly because it had dropped down the household “to do” list.
He also called on the government to clarify its plans for probate fees.
The government is planning to substantially increase the cost to bereaved families of settling the estates of deceased relatives.
The changes were expected to start last month but have been delayed.