The UK’s younger generations are counting on the transition of wealth between generations to fund their financial goals, new research from Fidelity International has claimed.

Two-fifths (43 percent) of people expect to receive an inheritance or lifetime gift of wealth from family and friends at some point, with millennials and Generation Z - those under the age of 45 - the most expectant generations (65 percent).

The average inheritance received currently stands at £70,639...