While 19% of respondents mentioned an inheritance would notably enhance their finances, another 12% claimed it would have no effect. These expectations persist despite 58% acknowledging either that their family is unable to provide an inheritance or that certain circumstances could prevent wealth from being passed down.
Sarah Megginson, a personal finance expert at Finder, highlighted the issue of Australians increasingly depending on family support to fulfil substantial financial aspirations. She warned against overly relying on inheritance, pointing out the unpredictability surrounding asset distribution upon a benefactor's passing.
The survey also found divergent opinions regarding the timeline of receiving inheritance. About 15% expect these funds within one to five years, 23% foresee them in six to ten years, and another 23% anticipate their inheritance in over a decade. Notably, 36% are uncertain of when they might benefit from a family windfall.
Megginson stressed the risk of creating a "false sense of security" by depending solely on potential future inheritances, urging individuals to actively build personal financial safety nets. She advises Australians to establish a clear financial strategy to prevent sudden inflows of money from dissipating rapidly.
