A recent study exploring the societal question, "How important do Maltese individuals consider leaving an inheritance to their loved ones?" revealed that 41% of respondents view it as very important.

The results provide valuable insights into how different demographic groups perceive the importance of leaving an inheritance.

Key findings

Overall responses:

1. • 41% of respondents considered leaving an inheritance as "Very Important".
   • 34% viewed it as "Somewhat Important".
   • 14% were "Neutral".
   • Smaller proportions, 6% and 5%, chose "Not Very Important" and "Not Important at All", respectively.

Weighted distribution of responses

Demographic insights age groups:

• Respondents aged 30–49 were the most likely to view inheritance as "Very Important," reflecting a life stage where many in this group are at their prime of their careers and focused on building wealth. They are also often faced with significant financial pressures, including home loans and child rearing. Inheritance can alleviate these burdens.
• Younger respondents aged 18–29 also leaned toward valuing inheritance, possibly due to their role as future recipients.
• Those aged 50–64 predominantly selected "Somewhat Important," indicating a shift in priorities as they near retirement. This often is due to life changes, such as retirement, health considerations, and evolving family dynamics.
• Respondents aged 65+ were the least likely to select "Very Important," highlighting changing perspectives in later life stages. Fear of outliving their savings could have led to prioritising financial security over planning an inheritance.

Gender differences:

Males were more inclined to rate inheritance as "Very Important," suggesting traditional financial priorities or family roles.

Females were less likely to view inheritance with the same level of importance, which may reflect differing financial expectations or family dynamics.

Education levels:

Education levels significantly influenced responses. Those with primary or secondary education were more likely to choose "Not Important at All," potentially prioritizing immediate financial needs over long-term wealth transfer. In contrast, respondents with higher educational levels overwhelmingly valued inheritance as "Very Important," likely due to higher financial security and awareness.

Analysis

The survey highlights how education emerged as the most significant predictor of perspectives on inheritance, surpassing other factors like income, which showed no notable effect. Respondents with lower education levels may prioritize immediate financial needs over future wealth transfer due to limited monetary resources. Conversely, higher education often correlates with greater financial security, fostering an awareness of the importance of legacy planning.

Age and gender also played pivotal roles, albeit with weaker associations. The findings suggest that societal roles, financial milestones, and education influence how inheritance is valued across Maltese demographics.

The EMCS study sheds light on Maltese attitudes towards inheritance, offering businesses and policymakers critical insights into consumer and societal priorities. These findings emphasize the need for tailored approaches when addressing different demographic groups, particularly in areas like financial planning and legacy services.

Through such research, EMCS continues to help entities navigate the intricacies of consumer behaviour and develop solutions that resonate with the public’s values and expectations.

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Contact us today to discover how our research services can revolutionize your business – Caroline Pavia Sciortino, Director, Market Research Services info@emcs.com.mt

EMCS Advisory