Don’t rely on an inheritance

Britain may be basking in a post-Olympic glow, but the nation's personal financial legacies are in need of a boost, according to a survey by Nationwide Building Society.

The research shows almost a third of Britons (31%) expect to struggle to leave their families money once they are gone, leaving those behind without an inheritance to help pay their way.

A total of 44% surveyed said they think they will struggle to fund their retirement, while a fifth (20%) said they would find it difficult to leave a mortgage-free home to their loved ones.

Despite knowing they will struggle to leave a financial legacy, more than half of Britons have not yet thought about and planned their financial legacy.

John Wilkinson, head of protection and investments at Nationwide Building Society, said: "While the Olympic legacy has yet to be determined, there will only be one disastrous outcome for people's finances if they don't start putting things in place now

"The reality with financial planning is not to expect to rely on an inheritance because it may be that your parents cannot afford to leave you one that you would like.

"People don't always get financial planning right, which is why we launched the annuity service earlier this year, which can boost your retirement income by up to 25%."