Analysis shows ‘clear disconnect’ between wealth transfer expectations and understanding

There is a persistent reluctance among over-55s in the UK to discuss inheritance, despite widespread expectations of passing on wealth, research by YouGov for Mattioli Woods has found.

The study revealed that 25 per cent of people aged over 55 in the UK had never openly discussed inheritance with their family, with emotional discomfort, privacy concerns, and perceptions it is too early or unnecessary to discuss inheritance the primary issues.

Mattioli Woods noted that inheritance discussion avoidance was not confined to older generations, with 35 per cent of 44 to 54 years olds having never had such conversations.

London was the region with the highest rate of people not discussing inheritance (44 per cent), followed by the North West (37 per cent), and Scotland (36 per cent).

Eastern England had the lowest proportion of avoidance at 30 per cent.

While Mattioli Woods identified relatively high confidence in some aspects of estate planning, awareness of key inheritance tax (IHT) rules remained “limited” among over-55s.

Just 15 per cent were aware of the nil rate band and residence nil rate band allowances, while only 35 per cent knew that pensions were coming into scope of IHT from April 2027.

Understanding of more basic estate planning principles was stronger, with 83 per cent of over-55s recognising the importance of having a valid will, and 61 per cent aware of the seven-year gifting rule.

“These findings show a clear disconnect between the expectation of passing on wealth and the understanding required to do so effectively,” said Mattioli Woods managing director of wealth, Amit Joshi.

“While most people recognise the importance of a will, far fewer understand the tax rules and allowances that can significantly impact what is ultimately passed on.

“The reluctance to talk about inheritance is understandable, but it can leave families unprepared at a time when clarity matters most.

“When these conversations are delayed, important financial and emotional decisions are often left until moments of stress or urgency, when it is harder to reflect clearly or act in a coordinated way.

“That can create uncertainty around intentions, increase the risk of disputes, and lead to avoidable delays in administering estates.”

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