Research has revealed that older people are prioritising the younger generation by spending less on themselves.
According to Saga Money, 80% of those aged over 50 intend to bequeath money to their children, with almost half stating that they’d be prepared to sacrifice spending money on themselves in order to put their offspring first.
Despite the majority of parents hoping to save their wealth for the next generation, eight in ten children stated that they’d hope their parents would spend money on themselves.
At 63%, those in London were most keen to leave their children a nest egg, whilst the survey revealed that those most likely to be reliant on an inheritance were located in the East Midlands.
Of all retirees asked, only a third said that they doubted they’d be able to leave an inheritance, whilst just a quarter stated that they would enhance their retirement lifestyle by spending all of their savings.
Commenting on the statistics was Alex Edmans. The head of the Saga Equity Release Advice Service stated: “Inheritance can be an emotive issue therefore it is important for parents to discuss inheritance with their children, but they should not feel obliged to leave an inheritance.
“For those who would like to leave something behind they should realistically consider how best to use the money they have to make sure they have enough to fulfil their retirement goals and have something left for later life care, as well as what to leave for their children.”
