THE amount of money left to loved ones in inheritance will jump to £1.1 trillion by 2047 from £194bn in the current decade, says new research.

Based on predictions by those aged between 45 and 55, 4.5 million people will leave an average £238,000 in 2047, having enjoyed relative job security, seen their homes up in value and received inheritances themselves.

But HSBC’s Age of Inheritance in the UK report warned the £1.1 trillion figure will be slashed in half just 15 years later as future generations face a longer life span and higher living costs.

Based on current forecasts for 2015, the average inheritance is expected to be around £46,000, the report added.

In contrast, more than half of the 45 to 55 age group believe they will pass their wealth down, typically leaving £237,911.

But HSBC noted that as people live longer they will use up more of their wealth simply to fund the cost of living – as well as being older when they come to receive an inheritance.

The document, based on the expectations of 2,000 UK adults, predicts the windfall total will drop to £552bn by 2062.

In the 35 to 44 age group, fewer than half expect to leave an inheritance, dropping to an average of £186,572.

The same proportion of 25-to- 34-year-olds plan leave a windfall – but the amount will fall further to £154,331.

More than eight in 10 people aged 35 and over expect to receive an inheritance from their parents.

But the younger generation are less hopeful, with six in 10 people currently aged 34 and below believing they will receive something.

The report suggested falling expectations were down to the parents of the younger generation being the “squeezed middle“, supporting both their parents and children.