Pre-inheritance cash boost for younger people

Britons are increasingly passing on money to the younger generation before they die, a new survey shows.

Insurance giant Aviva said there was a growing trend for people to receive a pre-inheritance, with younger people the most likely to benefit.

It said 46 per cent of people had received money from their parents or other relatives before they had died, compared with only 37 per cent who had benefited from a traditional inheritance.

The majority of people who give away money before they die or as an inheritance do not place any restrictions on how it can be spent.

But a third of people said they had made suggestions, while others have left specific instructions, with 7 per cent saying the cash must be used to buy a property and 2 per cent to pay for education.

One in four people who received money from a relative said they had used it to invest for the future, with 19 per cent paying off debts, 12 per cent using it to fund home improvements and 11 per cent paying off their mortgage.