Don't count on a big legacy

Anyone banking on a windfall inheritance when a relative dies could be in for a shock, according to research by financial advice site Fool.co.uk, with more older people finding they need to spend their savings on everyday costs.

Only one in four people believe they will be able to pass down most of their assets to family when they die, the study found. Meanwhile, almost half the population factors in an inheritance in planning their future finances.

David Kuo, head of personal finance at Fool.co.uk, says such expectations are outdated. More than 60 per cent of people are too concerned by their own financial situation to worry about leaving an inheritance.

"The world has changed since Grandma divided up the cash under the mattress in her final hours," said Mr Kuo. "We can no longer rely on assets being passed down. The family home is the most popular asset, but because fewer older people own their homes now, they are less likely to leave anything behind."