This is according to research from NS&I which found:
- Over a third (36%) of the population whose parents are still alive do not know if their parents have a will, or how their parents plan to distribute their estate
- More than two-fifths of the population (46%) admit they do not know where any of their parents' important financial documents are kept
NS&I's research highlights that almost a third of people (31%) admit they have ‘no idea' about their parents' financial plans. A quarter (25%) of British people say they will rely on an inheritance to help in the future. Lack of communication about money management means over a third (36%) of the population do not know if their parents have a will, or how they plan to distribute their estate.
When asked why Britons aren't speaking with their family about this, 12% say it is simply not a priority for them, and 6% prefer to push these conversations back to a later date, assuming there will be enough time in the future. Interestingly, nearly one in ten people (9%) say their parents don't like discussing the subject with them, and 11% say they don't want to think about their parents passing away. 6% say they find it an embarrassing subject to talk about.
Commenting, NS&I spokesperson Tim Mack said: "Later life financial planning is an important issue which affects everyone. It might be a sensitive subject, but every member of a family should try and encourage the others to sit down together and talk about this openly. This is a chance for parents to have honest conversations with their children about the importance of planning ahead, and provides an opportunity for parents to share advice from their own experiences on this matter."
