More than one in five (22 per cent) adults in the UK who have recently received or expect to receive inheritance are delaying a major life event until they have secured it, research from Canada Life has found.

This figure rises to 27 per cent amongst younger people aged between 18 and 34.

Nearly a fifth (19 per cent) of younger people who have received or expect to receive an inheritance will use or have already used funds to buy their first property.

More than one in 10 (12 per cent) UK adults are regifting to their children, grandchildren or other family members, while 19 per cent plan to use or have used the cash to invest for the future.

Canada Life tax and estate planning specialist, Stacey Love, said it was “not surprising” that many people were putting big life decisions on hold until they receive an inheritance.

“Rising property prices and recent high interest rates means that the possibility of home ownership for many people without an inheritance or financial help is slim,” Love continued.

“With the cost of living having increased sharply over the past few years, it makes sense that other expensive life events will have been put on the back burner or been thrown out altogether as well.

“If you expect to receive an inheritance it’s worth considering all of your options, and perhaps engaging with a financial adviser, before making any big decisions.

“We know that over a quarter of people receive less inheritance than they thought they would, so it’s also important to have open conversations with your family so that you have the information you need to help plan for the future.

“For benefactors, writing a will is the most important step you can take to support your loved ones after you’re gone. Likewise, engaging with a financial adviser can be invaluable for estate planning in tax efficient ways."

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