Inheritance remains a touchy subject, according to Aviva

People in the UK are reluctant to talk openly to their parents about any expected inheritance, according to new figures from Aviva.

Almost two-thirds have not, or would not, broach the subject with their parents, despite the fact that 40% of people are expecting an inheritance and may even have built this into their retirement planning.

For many over-55s, their home is their most valuable asset. And while property values are no longer racing ahead as they once did, house prices have more than doubled over the last 20 years. The average house price for over-55s is £231,306 compared with the national average of £160,519.

As house prices have risen, equity release has become increasingly popular as more cash-strapped retirees consider how to fund the lifestyles they want. Figures show over-55s hold an estimated £1.9 trillion in equity in the UK.

Clive Bolton, ‘at retirement’ director at Aviva, said: “Despite the British taboo of discussing inheritance, it seems that three-quarters of Britons are happy for their parents to use the cash in their property to enjoy a better lifestyle in retirement.

“Retirees should be encouraged to talk openly with their families about their plans and dreams for the future.

“Not everyone has the funds in place to support the retirement they once thought possible and we encourage those approaching retirement to look at their full range of assets, including pensions, investments and property.

“Equity release could be a solution for some, as it allows people to turn the potentially dormant capital in their homes into cash without having to move, thereby helping them make the most of their retirement years.”