ESTATE PLANNING // Family & Finances Report 2025 Overview and Takeaways
Money decisions shape family life long before they appear in legal documents. Yet many families still avoid talking about inheritance, care, and long-term planning until they are forced to. Drawing on findings from the Schroders Family and Finances Report 2025, we look at why financial conversations remain difficult, where the biggest gaps in preparation sit, and how earlier, clearer planning can reduce stress, protect relationships, and give families more choice over time.
Money shapes family life in quiet, practical ways. It determines where people live, how they age, what support is available in a crisis, and what happens when responsibility shifts from one generation to the next. Yet it is still one of the least discussed subjects inside families.
The Schroders Family and Finances Report 2025 shows how widespread this silence remains. Forty percent of UK adults describe inheritance and estate planning as a family taboo. That reluctance has measurable effects. More than four in ten people do not have a will. Around three quarters have no power of attorney in place. Four in ten have taken no steps to prepare for later-life care.
These gaps do not reflect a lack of awareness. Many respondents understand the importance of planning. Forty-six percent say that failing to prepare for later-life care is a common mistake, yet a similar proportion acknowledge they have not addressed it themselves. The issue is less about ignorance and more about postponement.
Conversations about money often feel uncomfortable. A third of respondents say they avoid them because they worry about causing tension or conflict. Others say they feel awkward raising the topic or believe finances are private. A large group say the conversation does not feel necessary yet. The report suggests that this sense of timing is misleading. Illness, bereavement, and care needs tend to arrive without warning, leaving families to make decisions quickly and under strain.
Generational patterns offer further insight. Millennials emerge as relatively engaged and informed. They report higher familiarity with inheritance tax than older age groups and express stronger concern about how it might affect family members. Despite this, they are the least likely to have consulted a financial adviser. This leaves many with partial understanding but no clear framework for action.
Differences in how generations view wealth also play a role. Older family members tend to focus on security and preserving assets. Younger ones are more likely to value flexibility and experiences. These perspectives are not incompatible, but without discussion they remain assumptions rather than shared understanding.
The report’s findings on lifetime gifting highlight how attitudes are evolving. One in four people have already given significant money or assets to family members, and a further quarter plan to do so. The main reasons are practical, providing help when it is needed or supporting major expenses. Emotional factors also matter. Many people say they value seeing the impact of their support during their lifetime. Among younger adults, strengthening family relationships is a particularly strong motivation.
At the same time, hesitation remains common. Thirty-six percent of those who have not gifted say they may need the assets themselves. This reflects uncertainty about future care costs, longevity, and financial resilience rather than reluctance to help others. When future needs are unclear, people tend to preserve optionality.
Families who do talk about money report clear benefits. Half say these conversations build trust. Others say they help children understand saving, investing, and responsibility. Regular discussion is associated with greater awareness of plans and expectations, even when decisions are not final.
The report also points to the role of professional support. Only 27 percent of respondents have consulted a financial adviser to create a personalised plan, despite widespread recognition that guidance would be helpful. Structured planning and neutral facilitation can make conversations easier by separating personal relationships from technical decisions.
Overall, the findings describe a consistent pattern. People care about getting this right. They worry about burdening family members, about tax, about care, and about fairness. What holds them back is not lack of concern, but reluctance to start.
Talking about money does not require complete certainty or immediate decisions. It reduces pressure over time by replacing assumptions with shared understanding. The report suggests that earlier, clearer conversations give families more options and fewer forced choices later.