A fifth of Gen Z have already made a will, according to study

Writing a will is often thought of as something done later in life, it appears Gen Z has other ideas, according to a new study.

Research from life insurance provider Standard Life shows that 20% of those between 18 and 24 have a written will. 

While this might not sound like a huge amount, it becomes more noticeable when compared to other age groups. For example, in the 25-40 cohort, just 21% had put a plan in place in the event of their death. 

Naturally, the rates of will ownership go up sharply as the generations get older. Out of those included in the study, 32% of those between 41 and 56 had made arrangements for their passing. This rose to 65% for Baby Boomers (57-75), and 82% for those over 75.

Gen Z’s high rates of will ownership seem to be rooted in a forward-thinking mentality. 65% wanted to leave an inheritance behind and 25% expected to be providing long-term care for a spouse or family member in the future. 

Not having a will in place can create complicated situations when it comes to the distribution of your estate. When this happens, the law of intestacy kicks in, which, while following a fairly logical process, is nonetheless uniform in its approach and does not take into account various personal circumstances.

Jenny Holt, Customer, Savings and Investment Director at Standard Life, comments: “While it may be an uncomfortable subject to think about, creating a will is an important part of financial wellbeing and planning for the future. It can provide peace of mind that loved ones are supported after you die, and also helps ensure your assets are dealt with in the way that you want. 

“It’s promising that so many young people have already put a will in place and are mindful of the long financial journey they have ahead.”

Standard Life also found that there is a ‘gender will gap’, with men 7% more likely to leave one than women (44% vs 37%). 

While it’s not immediately clear what causes this, the more commonly talked about gender pay gap could be the culprit. Currently, men earn 12.3% more than women in the UK, and, according to Standard Life’s research, people with more money are more likely to have a will. 

For example, 61% of those earning over £70k were found to have a will, compared with 54% earning between £40-70k, and just 35% for those earning under £20k.