Briefing • 28 March 2014
Briefing 24: The people who need the least help, get the most
The highest earners are more likely to have received financial support from their parents
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Explaining the data:
The Attitudes to Inheritance Survey carried out in 2004 surveyed 2,000 people about their experiences of and attitudes towards inheritance. Overall 24% of people reported having received a “gift worth £500 or more” from their parents at some point in their lives. Removing the effect of age differences, the predicted probability of people in the highest income group (those earning £52,000 a year or more) having received a transfer was 48%. The predicted probability for those in the lowest income group (£5-10,000 per year) was 12%.Looking just at people who had received gifts, people in the highest income category on average reported receiving a lifetime total of £16,067. For people in the lowest income category this figure was £7,739.
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