Over half (54%) of over-55s who have given a financial gift in the last seven years have failed to keep a record of it, according to new research.
Just 13% have kept a record of their gift in a secure backed-up place, according to the research from Canada Life.
A further 15% wrote down how much they had gifted in an informal place, such as on their phone or a paper notepad.
Less than a third (31%) of over-55s who have given a financial gift knew the exact amount they had gifted, with 24% having no idea.
Of those who could give an estimate, the average amount gifted in the last seven years was £42,056.
By not leaving formal records, gifters risk can cause their families inheritance tax issues, Canada Life has warned.
HMRC requires executors to complete form IHT400 to report the full value of an estate, with form IHT403 used alongside it to disclose lifetime gifts, such as cash, property or shares made in the seven years before death.
Without clear, accurate records of these gifts, executors may struggle to complete the forms correctly, which can cause delays in probate or increase the risk of queries from HMRC.
When asked why they did not keep a record of financial gifts given, half (48%) said they did not give large enough gifts to worry and 47% did not know that it was necessary.
Three in five (59%) of those surveyed did not know that giving furniture, jewellery and antiques counts as a financial gift for IHT purposes.
Over half (55%) did not know that giving stocks and shares listed on the London Stock Exchange is also counted, and a third (32%) didn’t know that giving your house, land or buildings is treated in the same way.
• Canada Life surveyed 2,000 UK adults in February, including 998 over the age of 55.