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.
If you have any questions about this article get in touch via our contact form, or if you would like to speak directly with one of our advisors, please don’t hesitate to contact Waverton Direction Simon Wigglesworth
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.
