2005
(15/04/2005) Britain low in league table of leaving inheritance to 'good causes'
Research from AXA reveals that only around 8% of Britons in work and 9% of retired people would like to leave part of their estates to charities. On a global basis, this means Britons are among the least generous when it comes to bequeathing their possessions to good causes.
In Singapore, 40% of people in work intend to leave part of their inheritance to charities, the highest of any country surveyed. In America, 31% of people in work intend to leave some of their possessions to good causes and the corresponding figures for Hong Kong and Canada are 25% and 23% respectively.
| Country | Percentage of people of working age who would like to bequeath their possessions to charities | Percentage of retired people who would bequeath their possessions to charities |
|---|---|---|
| Singapore | 40% | 40% |
| USA | 31% | 19% |
| Hong Kong | 25% | 32% |
| Canada | 23% | 17% |
| Germany | 19% | 16% |
| France | 19% | 13% |
| Portugal | 17% | 17% |
| New Zealand | 16% | 15% |
| Australia | 16% | 13% |
| Spain | 13% | 11% |
| UK | 8% | 9% |
| The Netherlands | 6% | 4% |
| Belgium | 6% | 3% |
| Italy | 2% | 3% |
| Japan | 1% | 1% |
Christine Hall, Offshore Portfolio Manager at AXA said: 'Our research shows that most people know who they would like to leave their possessions to, charities being just one of them. However, there are huge differences between countries where in France for example, there is a much greater focus on the family than in the UK. Indeed, 91% of the working population in France would plan to leave something to their children and 60% to grandchildren compared to 63% and 10% respectively in the UK."
In terms of whom Britons would most like to leave their inheritance to, children top the list followed by partners and then other family members.
| Recipient | Percentage of people of working age in the UK who would bequeath their possessions to them | Percentage of retired people in the UK who would bequeath their possessions to them |
|---|---|---|
| Children | 63% | 74% |
| Partner | 43% | 24% |
| Another member of the family | 23% | 12% |
| Grandchildren | 10% | 26% |
| Charity | 8% | 9% |
| Another person | 7% | 5% |
However, people may not always be able to bequeath their possessions to their chosen recipients because many don't have wills. AXA's research shows that only 37% of the working population in the UK and 71% of retired people have wills. These figures are much lower than a number of other countries such as Australia where the corresponding figures are 61% and 94%.
| Country | Percentage of people of working age who have made a will | Percentage of retired people who have discussed their wills with family / beneficiaries |
|---|---|---|
| New Zealand | 69% | 96% |
| Australia | 61% | 94% |
| Canada | 49% | 88% |
| USA | 40% | 75% |
| Netherlands | 39% | 48% |
| UK | 37% | 71% |
| Germany | 19% | 48% |
| Spain | 18% | 53% |
| Singapore | 18% | 35% |
| France | 16% | 37% |
| Belgium | 13% | 23% |
| Italy | 3% | 10% |
| Hong Kong | 3% | 6% |
| Portugal | 3% | 6% |
| Japan | 1% | 3% |
Christine Hall said: "Making a will is an important part of financial planning and it is disturbing to see how many people don't have one. If you don't have a will, your dependants will not only have to cope with grief but possibly a huge financial puzzle to solve."
- Ends -
Notes to Editor
The survey was conducted over the phone by NOP from October 11th-31st 2004. A total of 9,200 people were interviewed in 15 countries across the world.
In each country around 300 working people and 300 retired people were interviewed. The only exception was the USA where around 400 working and 400 retired people were questioned.
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