Research carried out by the Nationwide Building Society indicates that 31% of Britons expect to struggle to leave any inheritance for their families.

A total of 44% surveyed said they think they will struggle to fund their retirement, while 20% stated they would find it difficult to leave a mortgage-free home to their loved ones.

Furthermore, over half of all Britons have not yet thought about and planned their financial legacy.

“While the Olympic legacy has yet to be determined, there will only be one disastrous outcome for people’s finances if they don’t start putting things in place now,” said John Wilkinson, head of protection and investments at Nationwide Building Society.

“The reality with financial planning is not to expect to rely on an inheritance because it may be that your parents cannot afford to leave you one that you would like.

“People don’t always get financial planning right, which is why we launched the annuity service earlier this year, which can boost your retirement income by up to 25%.”