Most senior Kiwis are planning to leave their financial legacy behind for their loved ones to be supported during economic uncertainty, a new report suggests.
According to the 2023 Legacy Report, 80 percent of people aged over 50 want to leave behind their personal fortune for their next of kin.
The survey shows 30 percent of respondents believe leaving financial support for their family, including real estate, personal property and cash savings, can help them survive tough times.
The most common assets intended to be transferred are personal property such as cars, jewellery or art (72 percent) real estate (68 pct) and cash savings (65 pct).
Family law and will specialist, Vicki Ammundsen, said "looking at legacies [inheritances] through the lens of the recipient" can reflect a person's values.
"It is helpful to appreciate that legacies do not necessarily have to be made following death."
Most older New Zealanders admitted home ownership will be next to impossible for future generations.
Almost two in five (37 percent) plans on transferring or have already transferred wealth to family members.
And among that group, cash savings are the most transferred asset (52 percent), followed by personal property (34 pct) and real estate (29 pct).
Ranked out of 10, the preferred legacies among Kiwis over 50 years old are:
- 7.8 - Family financial legacy
- 7.6 - Family values legacy
- 4.2 - Philanthropic legacy
While many family members expect to receive an inheritance, only 23 percent of respondents agreed with the continuation of family traditions.
The top recipients of financial inheritances include 80 percent of children, 51 percent of spouses/partners and 31 percent of grandchildren.
