Contributed by Atom Bank
16/11/2020 - Brown Shipley
Brown Shipley, a Quintet Private Bank, reveals the UK regions where children are most likely to benefit from their parents wealth. The survey of over 4000 UK consumers included a representative sample of over 800 of the nation’s ‘wealthy’ – defined as those with more than £100,000 in assets that they can readily access, 350 of whom have more than £250,000 in assets.
The research found that the wealthy in certain regions appear to be more focused on passing on their wealth than others. In London, for example seven in ten (73%) of the wealthy with families say that they will gift money to their children. In the East of England, six in ten (63%) claim to want to gift money to their children; while in South West it is 58%; Wales 57%, Yorkshire & Humber 53% and the East Midlands one in two (50%).
The research also reveals that only six in ten children of the wealthy (58%) in the East Midlands should expect an inheritance – compared to 82% nationally. The other regions with a lower than average likelihood of an inheritance are: South East (70%); Yorkshire & Humber (72%) and North West (75%).
Turning to altruism – and again there are big regional differences when it comes to donating money to worthy causes. One in three in the East Midlands (34%); and one in four in the North East (27%) and South East (24%) plan to donate part of their wealth. It is one in five in London (22%); Scotland (21%) and Wales (20%). With many charities reporting lower donations because of COVID-19’s impact on fundraising activities this could be a lifeline for many worthy causes.
Commenting on the research, Alan Mathewson, Chief Executive Officer of Brown Shipley said, “Whatever the wealthy intend to do with their money – either through gifting or donating – it is vitally important they seek financial planning to ensure they act in the most tax efficient way.”
For more information visit the Brown Shipley website
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