BACKGROUND COLOUR

Leaving some spare for the heir

Analysis
. .
24 Jul 2021

A quarter of Australians think they'll get property, money and personal items as part of an inheritance. But most don't want older people to put leaving an inheritance ahead of enjoying their retirement.

77 %

Most of those under 65 years old – 77% – think they will probably receive an inheritance of property, or cash or other assets.

23 %

The expectation on inheriting property or cash is highest for those aged 25-34 with 23% saying they will definitely get it.

78 %

More than three quarters of Australians agree older people should enjoy their retirement and not worry about leaving an inheritance.

5 %

More Australians disagree more than Britains – 15% to 5% – that disagree older people shouldn’t worry about leaving an inheritance.

Likelihood of Future Inheritance
How likely is it that you (or your partner) might receive as part of a future inheritance: A house or other property, or a share in a house or other property? Savings such as money or shares? or Personal items such as a car, jewellery or ornaments?
Sources & Methodology
Variable description Grouped by age group
Variable time span 2015 (October)
Published by ANU Poll
Publisher Link https://csrm.cass.anu.edu.au/research/publications/ageing-and-money
Data Source doi:10.26193/3JWQ9V
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Most Australians consider it probable that they will receive an inheritance.

Most Australians consider it probable that they will receive property, cash or other assets as an inheritance. 77 per cent of those aged under 65 say it’s a possibility and 20 per cent of those are certain they'll get one.

The young, those aged 25-34 - have the highest expectation of getting property or cash with 23 per cent of them saying they'll definitely get the inheritance and another 20 per cent thinking it’s very likely.

Out of three types of an inheritance - property, cash or other assets, and personal items such as jewellery and cars - 27 per cent expect it’s at least fairly likely they'll get all three, 21 per cent expect two of the three types and 17 per cent expect one.

Enjoying Retirement versus Leaving an Inheritance, Australia and Britain
How strongly do you agree or disagree with the statement: Older people should enjoy their retirement and not worry about leaving an inheritance?
Sources & Methodology
Variable description Grouped by country
Variable time span October, 2015 (Australia) and 2004 for Britain
Published by ANU Poll and Rowingson and McKay
Publisher Link https://csrm.cass.anu.edu.au/research/publications/ageing-and-money
Data Source doi:10.26193/3JWQ9V
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Most people agree older people should enjoy their retirement and not worry about leaving an inheritance.

While most people expect an inheritance, they agree older people should enjoy their retirement and not worry about leaving an inheritance. 39 per cent concur with the statement although when asked the same question, more people in Britain - 51% - agreed.

Australians did express more disagreement with the statement than those in Britain with 15 per cent Australians either disagreeing or strongly disagreeing, and only 5% of those in Britain.

While most Australians feel that older people should focus on enjoying retirement and not worry about leaving an inheritance support for this attitude is weaker in Australia than in Britain.

Belief that Older Australians Should be Careful with their Money in order to Leave an Inheritance, Australia and Britain
Do you agree or disagree with the statement: "Older people should be careful with their money so that they can leave an inheritance". Is it 1. Strongly disagree 2. Tend to disagree 3. Neither agree nor disagree 4. Tend to agree 5. Strongly agree
Sources & Methodology
Variable description By age group and country
Variable time span Australia: 2015 Britain: 2004
Published by ANU Poll
Publisher Link https://csrm.cass.anu.edu.au/research/publications/ageing-and-money
Data Source doi:10.26193/3JWQ9V
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Older and younger groups tend to agree that older people should be careful with their money so they should leave an inheritance.

When broken down by age, the older and younger groups - aged 70+ and 18-40 - tend to agree or agree strongly that older people should be careful with their money so they should leave an inheritance. Those who are 40-69 have a lower level of support for that statement.

The biggest difference with those surveyed in Britain is that the younger groups - aged 18-50 - are in less agreement about older people leaving money behind.