22 February 2016, 00:00

A quarter of a million over 50s have found relatives hidden share certificates

• Four out of ten over 50s wouldn’t know what to do if they found share certificates
• One in seven over 50s hold paper certificates
• Share paper certificates held by the over 50s are worth £3,500 on average

Almost a quarter of a million over 50s have found share certificates when sorting through a relative or friends house after they passed away, according to research by Saga Share Dealing*.

A poll of more than 9,000 over 50s suggests that not everyone would know what to do if they found share certificates. While 48% of people would sell them and 14% would keep them, 37% say they don’t know what they would do with them. Interestingly 1% say they would give the paper certificates away.

Saga estimates that 1.6 million over 50s have inherited shares and around one in three of these people have been left certificates. While the majority of people were gifted share certificates in a loved one’s will (74%), one in eight say their friend or relative gave them the paper certificates before they passed away.

Analysis of Saga Share Dealing data shows that the average value of paper share certificates is around £3,500**.
When it comes to inheriting shares, whether that’s electronic shares or paper certificates, women over 50 are twice as likely to inherit them than men (women 20% vs men 10%).

Furthermore, people in Scotland, London, South East and the South West are the most likely to inherit shares (15%), whereas those in the North West are the least likely to have shares passed down to them (10%).

Joanna Fowler, head of share dealing, Saga Personal Finance, commented: “Finding share certificates after a loved one has passed away is not as uncommon as you might think. We’ve heard stories of people finding certificates in lofts, kitchen cupboards and even garden sheds and garages. And a lot of the time they didn’t even know their relative had shares stashed away.”

Saga is offering the following tips on what to do you find or inherit shares certificates:

• If you want to check if the certificates have not been replaced before you try to cash them in, call the registrar and not the company whose shares you hold. This basic check should be free of charge.
• If you inherit shares and want to keep them you will need to transfer them into your name. You will need a copy of probate to be able to do this.
• The name of registrar can usually be found at the top of the share certificate. If the company name has changed or no longer exists then you can call Companies House on 0303 123 4500 who will help you track down the new company name.
• If you want to sell your paper certificates, beware of the charges. The fees some high street banks charge can wipe out a large chunk of your sale proceeds. It is worth shopping around for the best deals. Saga offers some of the best rates in the market as it only charges between £25 and £100 (depending on the trade value).
• If you are looking for the cheapest way to sell your shares, then try to transfer them to an online nominee service as they may be easier to sell. Look for providers that will not charge you to transfer them. Remember this process may take a few weeks to complete and you will be charged nominee rates when selling. Saga’s frequent trader nominee rate is £9.75 per trade.


Notes to Editors:
*Populus interviewed 9,116 Saga customers, all aged 50+, online between 19th and 26th January 2016. Populus is a member of the British Polling Council and abides by its rules.
*Analysis of Saga Share Dealing Certificated Service.



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