GET YOUR AFFAIRS IN ORDER: NATION'S FINANCES AT RISK AS OVER 30 MILLION BRITS DO NOT HAVE A WILL

27 July 2026

• New research reveals over 30 million UK adults (57%) do not have a will in place, and more than half (55%) of them don’t know what happens if they die without one.*
• The survey, commissioned by the Co-op, shows that approximately one in eight (12%) people who have already made a will expect to pass on £500,000 or more, and the average amount people with a will expect to leave to their beneficiaries is £260,000.
• 1 in 6 (15%) 18-24-year-olds say they already have a will in place.
• Co-op Insurance data shows that the average sum insured for term life insurance is £140,173, highlighting the potential financial loss for those without a policy.
• More than half (54%) of UK adults do not have life insurance in place, and approximately four in five (81%) do not have a funeral plan, indicating many have yet to consider these key aspects of later-life planning.

New research commissioned by Co op highlights significant gaps in how people protect their finances and approach later-life planning, potentially leaving substantial sums at stake.

The survey explores UK adults’ attitudes towards important life admin, with many believing they are either too young or have too few assets to put their affairs in order.

The findings show that over 30 million UK adults (57%) do not currently have a will. Notably, one in six (17%) of those aged 35-44 without a will say they believe they are ‘too young’ to need one. However, data shows that the average first-time home buyer is 34 years old, while the average age of parents is 31 for mothers and 34 for fathers, highlighting the importance of having a will in place during these key life milestones.*

Meanwhile, the research suggests some younger adults already recognise the importance of financial planning, with almost one in six (15%) 18-24-year-olds saying they already have a will in place.

The findings show that among survey respondents who already have a will, the most important reason for having one is to protect their loved ones financially (37%), followed by ensuring that their estate will be distributed between the right people (34%). Additionally, the average amount those with a will expect to pass on to their children or other beneficiaries is £260,000, with approximately one in eight (12%) anticipating leaving £500,000 or more.

While nearly two in five UK adults (38%) say they have a will in place, up from 28% in 2024 according to previous Co op Legal Services research, the proportion of people still without one remains concerning.

Wills are a vital legal document, providing individuals with peace of mind that their wishes will be legally recognised and that important assets, such as property and savings, are protected for their loved ones after they die. If someone dies without a valid will, strict intestacy rules apply in England and Wales, which can result in unintended outcomes. These rules do not reflect modern family arrangements: unmarried or unregistered partners have no automatic right to inherit assets held solely in the deceased’s name, and stepchildren are not recognised at all. As a result, those closest to the deceased may receive nothing, creating significant financial and emotional risk. Additionally, if an individual wishes to leave money to a charitable organisation, this may not be honoured unless it is laid out in a will.

Despite these implications, many people appear to be underestimating both the value of what they might leave behind and the consequences of not planning ahead. Almost one in five (18%) of those without a will say this is because they do not think they have much to leave, while more than half (55%) admit they do not know what happens if they die without one. This points to a wider lack of awareness about the benefits of having a will, even when only a small number of assets are involved.

The research also highlights growing concerns around digital legacies. Almost 1 in 10 (9%) people surveyed say that instructions for accessing digital accounts are one of the most important things they would leave behind in their will, and a similar number (8%) prioritise access to digital financial assets specifically. This reflects increasing uncertainty about what happens to online banking, savings, cryptocurrency and investments if loved ones are left without clear guidance.

While wills are often thought of purely in financial terms, the findings show that many people place significant value on a wide range of personal and practical assets. Around one in 10 respondents highlighted assets such as family heirlooms (11%), jewellery collections (11%), technology (8%), and even guidance on how their pets should be cared for (8%) as among the most important things to include in a will.

The research also highlights gaps in understanding when it comes to the value of their life insurance. Of those with cover, one in eight (13%) admit they do not know it’s value.

The results show that two in five (39%) UK adults have taken out a life insurance policy, with the average policy holder aged 43, according to Co-op Insurance data.

Co-op Insurance data also reveals that average sum insured for term life insurance is £140,173, highlighting the potential financial loss for those without a policy.

Despite the potential financial safety net, more than half (54%) of survey respondents still do not have any life insurance in place, most commonly because they believe it will cost too much or that they do not need it. For instance, among those aged 55 and over without life insurance policy, a quarter (27%) say that this is because they don’t think they need one.

The survey shows the benefits of having a policy in place, as nearly a fifth (18%) of respondents say they have received a payout from a critical illness policy or a payout as a beneficiary of a life insurance policy. Of those who have received a payout, a quarter (27%) said that maintaining their lifestyle was the primary benefit, while a similar number (24%) cited the financial support it provided.

The survey findings further highlight how most UK adults have not planned for the inevitable, as four in five (81%) say they do not have a funeral plan. Among those who have taken out a funeral plan, the most common reason was to ease the financial and emotional burden on their family (26%), while almost one in five (18%) said it was to ensure their funeral is personalised according to their wishes.

Meanwhile, among those without a funeral plan, nearly one in 10 (8%) say this is because their family will pay for their funeral. However, this assumes family members understand their loved one’s funeral wishes, as a lack of certainty could lead to unnecessary emotional strain and worry.

In response to the findings, Co-op Legal Services, Insurance, and Funeralcare are urging UK adults to put their affairs in order and consider their later-life wishes, regardless of their age or the value of their assets.

Caoilionn Hurley, Managing Director of Co-op Life Services, which is formed of Co-op Funeralcare, Legal Services and Insurance, said:

"“Our latest research suggests many people underestimate both what they own and the impact it could have on those they care about. From deciding how assets are passed on in your will to arranging life insurance or recording funeral wishes, most of us have more responsibility than we realise. Even if you feel too young or think you don’t have much to leave, planning ahead and protecting your future is always worthwhile.

“Getting your life affairs in order isn’t about being pessimistic; it’s about being proactive, easing worry and expense for loved ones, and making sure your wishes are clear when it matters most.”

For more information about wills, life insurance, or funeral plans, visit Co-op's website.

-ENDS-

*Research commissioned by the Co-op and conducted by Opinion Matters among a sample of 2,000 national representative UK adults (aged 18+). The data was collected between 20.3.26-23.3.26.
30 million UK adults figure estimated by calculating 57% of total UK adult population (53,188,204).

** GOV. UK data shows the average (mean) age of all first-time buyers in England was 34 years in 2024-25.

*** Office of National Statistics (ONS) data for 2025 Provisional Standardised Mean Age (SMA) indicates a slight increase to 31.1 years of age for mothers and 34.0 years of age for fathers in 2025.

About Co-op

Co-op Group is one of the world’s largest consumer co-operatives, operating across food retail, funerals, insurance and legal services. Owned by around 7.2 million active member-owners, Co-op exists to meet their needs and champion the causes they care about. With more than 2,300 food stores, 800 funeral homes and a wholesale business supplying around 8,000 additional outlets, Co-op employs 53,000 colleagues and generates annual revenues of over £11 billion. It is a recognised leader in ethical business and community-led programmes, creating long-term value for members and communities across the UK.

For further information, please contact pressoffice@coop.co.uk