43% of 18 – 32 year old’s expect parent’s inheritance to cover debts
Recent research has revealed that two thirds of so-called millennials are relying on their parent’s inheritance, with many hoping to use the funds to cover debts.
According to First Direct, 66% anticipate a windfall from their parents, with 43% stating that they’ll use it to pay off outstanding debts.
The results were based on the views of 2,000 respondents aged between 18 and 32, with a view to obtaining a better insight into the financial struggles which this demographic is reportedly experiencing.
The survey results also revealed that £80,000 was the average amount which millennials expected to receive from parents, with one in five stating that their parent’s current spending habits were a cause for concern in light of the impact it could have on this sum.
Stressing that millennials should seek out other ways in financially preparing for their future, head of products at First Direct, Nick Harrison stated: “Rather than an inheritance, the best way to plan for your financial future is to prioritise regular saving.
“Saving even small amounts at first, can make a big difference to financial wellbeing, and setting goals or putting money into ‘buckets’ such as ‘debts’, ‘deposit’, or even ‘holiday’ can quickly add up.