“Will inheritance end up the only hope for many as the impact of the cost of living continues,” writes Danny Curran, founder and CEO of Finders International.

Energy bills are soaring, food prices rising, petrol prohibits travel and mortgages are set to increase by record amounts thanks to market instability. It’s no wonder that people in the UK are left wondering how they are going to survive the next few years.

As the Institute for Government points out, the UK’s cost of living crisis refers to the fall in ‘real’ disposable income, which is adjusted for inflation and after taxes and benefits, and it has been with us since late 2021.

Inflation increase

While there are many contributing factors, the main cause is high inflation that is outstripping any wage and benefit increases. The Government has brought in some measures to support squeezed household budgets, but economists still expect inflation to increase at a faster rate than post tax and benefit incomes this year.

According to the Bank of England’s forecast, inflation will peat at 13.1 percent in the fourth quarter of this year, which will be largely driven by the energy price cap increase. It will probably remain high for the next two years.

What this means for households is a lot less spending on non-essentials (though the Office for National Statistics also reports 31 percent people saying they will be spending less on food and other essentials) and people using a lot less fuel in the home.

Devastating effects

Martin Lewis, the Resolution Foundation, medical professionals, Action for Children and others have all warned of the devastating effects the cost of living crisis is likely to have on a huge number of people across the UK.

With relief unlikely to come in the form of sudden price drops or wage rises, no wonder people are wondering about inheritances, though of course there are no guarantees. When you inherit and how much you receive are not tangible things.

In 2016, for example, the Office for National Statistics showed 3.6 per cent of people surveyed had received an inheritance in the previous two years, with half of them inheriting under £10,000 and fewer than one in five inheriting any property.

Inheritance

There’s no doubt about it though, receiving money or property at this time would be very welcome indeed. If you think you are entitled to an inheritance, we can help you prove the case.

There is also our Bona Vacantia website – which lists the names of everyone on the Government’s Bona Vacantia list, i.e. people who have died without leaving a will and who appear to have no next-of-kin.

If you think you might be related to someone on the list, call us for free on 0800 085 8796 (UK only) or +44 (0)20 7490 4935 (International) or email us at: [email protected]