One in four people in Britain are unsure if they can afford to gift some of their wealth to familiy members while still alive, new research shows.
A YouGov survey for Quilter, the financial services provider, shows that 26% of UK adults are unsure if they can afford to gift.
The survey also shows that this is consistent across age groups with 23% of Baby Boomers and 29% of Generation X saying they do not know.
Ian Browne, retirement planning expert at Quilter, said that gifting between the generations is “increasingly a lifeline for younger people” as they struggle to get on the housing ladder, pay for school fees and deal with the ever-increasing expenses of living.
He said: “Older generations, particularly Baby Boomers, have benefited from an astronomical increase in housing prices, among other things.
“However, it is vital that helping the younger generations doesn’t come at the expense of their own retirement funds and so there is a careful balancing act to figure out if you can afford it.”
Our figures are to serve as a guide to see if it’s something worth exploring.