Half of the wealthy elderly are willing to help financially

43 percent are willing to donate only when it is clear what the money is used for
Company
Omniplan
Release Date

Amsterdam, May 26, 2020 – 55 Percent of Dutch people over the age of fifty are willing to give their (grand) children or others a financial helping hand. This is evident from research commissioned by financial service provider Omniplan among 572 Dutch people with freely disposable capital and / or equity on the owner-occupied home of at least 200,000 euros. More than one in four only want to donate if it is clear what the money is used for.

Although a significant portion of those surveyed would like to know exactly what happens to their donation, no less than 36 percent are willing to donate within five years.
“It is great to see that so many elderly people want to assist their family or others financially,” says Maarten Boddeus, Director of Product and Market at Omniplan. It can be reassuring to know that parents and grandparents are willing to support others financially. Especially now that we are likely to experience an economic recession for a longer period of time and many people are struggling with lost income. ”

Remarkably, one in four wealthy elderly say they do not want to donate because they think they need the money themselves. Boddeus: “We notice that for many people it is fairly abstract how much money exactly is needed for old age. In addition, this time also brings a lot of uncertainty for the elderly, fortunately guidance in the form of smart tools can offer a solution. ”

Lend money rather than donate
The survey shows that not all respondents are happy to donate. For example, 22 percent of them prefer to lend (or give) children and grandchildren and others. Men believe this opinion 26 percent more often than women (15 percent). “If the children do inherit the money later on, a living donation, which has been laid down by the notary, offers attractive tax benefits. On average this can save thousands of euros: money that does not have to be paid to the tax authorities, ”says Boddeus. “For people who are not yet financially ready to donate an amount to children, the so-called” donation free of rights “can offer a solution. This ultimately means that less inheritance tax has to be paid, without the beneficiary immediately having the funds. ”

Tax-friendly donation
68 Percent of the wealthy elderly indicate that they are well aware of all the rules and exemptions related to donating. 55 Percent also say they know how to transfer the assets in a tax-friendly manner. Boddeus: ”We see that people think they know everything about donating and making maximum use of tax exemptions, but it is often underestimated how great the impact of donating can be on net disposable income. Especially when unexpected changes occur in the private sphere, for example when someone becomes incapacitated for work or when one of the partners suddenly dies. ”

Want to know more about donating? Read our white paper at our website https://www.omniplan.nl//dowload-whitepaper-optimaal-schenken/

About Omniplan
Omniplan has been an expert in personal finance for 25 years. The FinTech from Amsterdam provides financial service providers with software to advise customers and provide insight into their financial future. Omniplan works for Rabobank, ING and Handelsbanken, among others.

About the research
Panelwizard carried out the survey on behalf of Omniplan in April 2020, among 572 Dutch people aged 50 and older who have freely disposable capital and or a capital gain on the owner-occupied home of at least 200,000 euros. The respondents were selected taking into account a representative distribution in terms of gender, age, region and education. When responding to the statements, respondents were able to indicate per statement whether it applies to them (yes) or not (no). Also, do not know / no opinion was an option.

Phone: +31 (0)6 538 78 154
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