20% of 18-24-year-olds emerge as Will makers
As many as a fifth (20%) of young Gen Z adults aged 18 to 24 say they have already made a Will[1]. Getting their affairs in order at such an early age compares favourably relative to the UK adult population overall, where just four in ten (40%) people have made a Will.
It would appear that Gen Z is also ahead of the game as just 21% of their Generation Y contemporaries (those aged between 25 and 40), and 32% of Generation X (those aged between 41 and 56) have made a Will.
Silent
generation
Unsurprisingly,
it’s the
older
generations
that
lead the
way as
these
age
groups
are
likely
to have
gone
through
life
changes
warranting
estate
planning,
such as
starting
a
family,
buying
property,
caring
for
older
family
or
planning
their
own
retirement.
Among
the
Silent
generation
(75+
years
old),
82% have
a will,
as do
65% of
UK Baby
Boomers
(57 to
75 years
old).
While it may be an uncomfortable subject to think about, creating a Will is an important part of financial wellbeing and planning for the future. It can provide peace of mind that loved ones are supported after you die, and also helps ensure your assets are dealt with in the way that you want. It’s promising that so many young people have already put a Will in place and are mindful of the long financial journey they have ahead.
Circumstances
change
Irrespective
of your
life
stage,
making a
Will at
any age
is
important
to help
improve
your
financial
wellbeing.
As you
move
through
life,
circumstances
change,
as do
the
potential
risks
and
complications
when you
pass
away, so
it’s
wise to
update
or
create a
new Will
after
big life
moments
such as
getting
married,
starting
a family
or
buying a
new
property.
And, if
you are
saving
into a
pension
remember
to
update
your
beneficiary
nomination
too, as
they’re
not
covered
by the
rules
governing
Wills.
The research also found that men and higher earners are more likely to have their affairs in order. More than two-fifths (44%) have a Will, compared to 37% of females. 61% of those earning £70k+ per year and half (54%) of those earning between £40k and £70k have a Will, compared to just 35% of those earning less than £20k, and 41% of those earning between £20k and £40k.
Financial
pressures
Surprisingly,
also
highlighted
in the
research
was the
fact
that
that the
pandemic
has not
necessarily
driven
people
to
create a
Will,
with
just 4%
of those
whose
financial
plans or
approach
to
savings
have
been
impacted
by COVID
making a
Will.
Two-thirds (65%) of Gen Z adults want to be able to leave an inheritance, although many are conscious of the financial pressures they may face later in life that could hinder their ability to pass on assets. A quarter (25%) already expect to be paying for long-term care for a loved one in retirement, and 25% also expect to help their parents/in-laws financially.
Source
data:
[1]
Boxclever
conducted
research
among
4,896
UK
adults.
The
research
is
nationally
representative
of
UK
adult
population
in
terms
of
age,
gender,
region,
with
578
people
falling
into
Generation
Z.
Quantitative
fieldwork
was
conducted
between
16–23
July
2021.
Qualitative
fieldwork
was
conducted
between
3–11
August
2021.
Content of the articles featured in this publication is for your general information and use only and is not intended to address your particular requirements or constitute a full and authoritative statement of the law. They should not be relied upon in their entirety and shall not be deemed to be, or constitute advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. For more information please visit www.goldminemedia.co.uk