A report from financial services group Sanlam UK, the Generation Game, has found that 5.1 million people are likely to receive an inheritance over £50,000, but those under-45s are embracing ethically based financial options such as socially responsible investing (26 per cent), impact investing (15 per cent) and venture philanthropy (10 per cent) to manage the assets. The corresponding figures for the over-55s surveyed are 20 per cent, 5 per cent and 6 per cent respectively.

Charities are also set for a millennial windfall as one in eight (12 per cent) of under-45s who expect to receive an inheritance intend to gift some of the money to charity.

Carl Drummond, senior wealth planner at Sanlam UK said: “The findings of our survey highlight a trend that has been much discussed, the fact that younger generations increasingly want to use their wealth for good. But it’s not only the so-called ‘Generation Impact’ who are attracted to more ethical ways of investing their money, those in the over-55 age group also indicate a strong awareness of how their money is invested – indeed, 28 per cent reported that their wealth could be used for good by not investing in companies whose products or services have a harmful effect on society or the environment.”

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