30% who receive windfall will save for the future

One in three people who will be receiving an inheritance intend to put the money in an account with the best savings rates, new research has shown.

Figures published by HSBC have found that 30 per cent of the public intend to invest any windfall they receive in a pension or long-term savings.

It also found that 29 per cent intend to put the money towards a property and 28 per cent would use it to pay off some of their existing mortgage.

David Wells, head of investments, pensions and savings at HSBC, has highlighted the importance of financial planning for those who are expecting to receive money in this way.

He said: "Wealth needs to be carefully managed so that the value is not eroded before it can be passed down to future generations. Many of us will be reliant on an inheritance to achieve the lifestyle our parents have enjoyed."

Earlier this month, Mark Bower, managing director of moneymaxim.co.uk, advised people to pay down their debt and build up savings.

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2011-10-03 13:00:00 © Moneyextra.com