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Almost 6 in 10 Irish people do not have a will in place

Written by Robert McHugh, on 18th Mar 2021. Posted in Financial

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Over half the Irish population (59%) have not taken steps to put a legal will in place, while 34% say they’ve been meaning to, but just haven’t gotten around to it.

These are the findings of Royal London’s "Let’s Talk About Death" survey series, where over 1000 adults throughout the country were asked their views on a variety of topics related to death. 

The survey shows there were vast differences across the ages of those who participated in the survey. Of those in the 25-34 year age bracket, just 27% had made a will, while 82% of those in the 75-84 age group had. Fifty five percent of people said Covid-19 had made them realise how important it is to have a will in place.

Other findings included:
• Starting a family is clearly the frontrunner with 34% of respondents believing this should kickstart the process.
• This is followed by 17% who say entering into a marriage or civil partnership is the right time.
• A further 14% say it should be as early as when you enter the workforce in full time employment.
• Retirement is seen as a motivating factor for 8%, and 4% felt that becoming ill would prompt them to make a will.

Commenting on the survey, CEO of Royal London in Ireland, Noel Freeley said, "The reality is that death is not something that most people like to talk or even think about.  It can seem like something that’s very far off and so planning for it now seems morbid and unnecessary, or for some, it may be difficult or make the prospect all too real. There’s a lot of emotion associated with this type of “life admin” that’s very different to other types of financial planning, like taking out insurance or opening a bank account."

He added, "But I do think talking about it can help. Our survey found that those who feel able to discuss death with loved ones are more likely to have a will in place, compared to those who don’t (46%:21%)."

Source: www.businessworld.ie

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