Anticipating an inheritance encourages a ‘grasshopper’ mentality: you spend more and are less inclined to save

The expectation of receiving an inheritance alters the economic behaviour of households: higher consumption, a lower propensity to save and a reduced willingness to work. This is the view of the Bank of Italia, as set out in its study ‘Wealth yet to come: expectations of inheritance and households’ economic decisions’, published on 21 July 2026.

As regards consumption, the increase is around 7 per cent overall and applies to both durable and non-durable goods, for which it stands at around 6 per cent higher than for households that do not expect to receive an inheritance. The propensity to save, on the other hand, falls by around 17 per cent. According to the study, in fact, if people expect one’s wealth is set to increase, the incentives to practise frugality weaken: the desire to buy a first home and the wish to have funds for retirement are just a few examples.

Furthermore, as the age of the main breadwinner increases, the effect of the expectation of inheriting money becomes more pronounced with regard to the consumption of non-durable goods: the analysis explains that this is because the transfer of money is drawing nearer. However, the consequences resulting from the expectation of an inheritance are not, however, significantly influenced by the household’s level of liquidity. In other words, both wealthier and less affluent households tend to behave in the same way if they have a concrete expectation of receiving an inheritance. A partial exception is represented by those households that have limited access to credit or scarce resources. At the same time, the expectation of receiving an inheritance is associated with a greater likelihood of taking on debt for consumption purposes, as households are more likely to draw on future resources in advance. This is particularly evident among households with less available liquidity.

From the perspective of employment, on the other hand, it is likely that fewer members of the household of working age will be in employment, but the number of hours worked remains unchanged. Furthermore, this effect tends to increase as the age of the main breadwinner rises: the household may, in fact, anticipate that the inheritance will arrive sooner and reduce their willingness to work. Moreover, the expectation of an inheritance may allow for the allocation of more resources towards the education and training of young people: other practical needs, such as buying a home, are deferred until the inheritance is received.

Furthermore, the prospect of an inheritance alters the composition of the family’s portfolio: it increases the likelihood of holding financial assets and reduces the likelihood of owning property. According to the research, amongst those who have already received an inheritance is the most common form of bequest. Those who expect to inherit, therefore, respond by diversifying their portfolio, reducing their exposure to property and reallocating towards financial instruments. The study concludes that expectations of an inheritance are higher among the wealthiest households, and these dynamics could exacerbate pre-existing inequalities in consumption and investment.