Just Group: A third of young people use inheritance money to buy first home
Nearly a third (30%) of those aged between 18 and 34 said they would use inheritance money to get onto the property ladder, Just Group has found.
For those aged 35 to 54, priorities were more likely to be about securing their financial future by clearing the major debt of a mortgage, with a third (32%) intending to use the money to pay off their mortgage.
This was the most popular choice in this age group.
Stephen Lowe, group communications director at Just Group, said: “Inheritance can provide a significant cash windfall and it is evident that many people are planning to use these funds to buy or improve their property in some way.
“The contrasting priorities of the different generations clearly reflect the property journey that many in the UK will follow over the course of their lives.”
Home renovations were more important for over-55s than any other age group with more than one in five (22%) planning to use inheritance money to improve their homes.
One in seven (15%) also said that they would focus on paying off their mortgage with any inherited money.
Lowe added: “The youngest focus on getting on the property ladder, before attention turns to paying off the mortgage and finally, we see over-55s starting to consider home improvements as they move into retirement.”