Inheritance is a sensitive topic in any society, but it seems that wealthy Brits find it particularly uncomfortable to discuss. In a recent study, it was found that a significant number of affluent Brits avoid talking about inheritance and estate planning altogether. Let’s take a closer look at this phenomenon and explore why it exists.
Wealthy Brits Remain Uncomfortable Talking About Inheritance
Despite their affluence, many wealthy Brits are still uneasy discussing inheritance. According to a survey conducted by wealth management firm, Brewin Dolphin, over a third of affluent individuals have never had a conversation about inheritance with their families. This is despite the fact that the same survey found that almost two-thirds expect to leave an inheritance to their children.
The reasons behind this unease are varied. Some may feel that discussing inheritance is taboo or impolite, while others may fear that it could cause family tension or conflict. However, avoiding the topic altogether can lead to unintended consequences, such as not properly planning for the future or leaving loved ones with financial difficulties.
Study Reveals the Taboo Surrounding Inheritance Among Affluent Brits
A separate study by financial planning firm, Tilney, found that the taboo surrounding inheritance goes beyond just avoiding conversations. In fact, the study found that over a quarter of affluent Brits admitted to feeling guilty about their wealth, and almost half said they didn’t want their children to grow up spoiled or entitled.
This discomfort with wealth and inheritance is not unique to Britain. However, the country’s history of social class and inheritance laws may play a role in shaping these attitudes. For example, the tradition of primogeniture, which gives the eldest son the right to inherit the family estate, may contribute to a sense of obligation and responsibility towards the family’s wealth.
Wealth and inheritance are complex issues that can elicit a range of emotions and reactions. However, avoiding conversations about these important topics can lead to unintended consequences and missed opportunities. By facing their discomfort and engaging in open and honest discussions, wealthy Brits can ensure that their legacy is not only financially secure but also aligned with their values and wishes.
