'Fun loving retirees blowing our inheritance', say kids

Ten per cent of grown up children claim their parents are having ‘too much fun’ and ‘blowing’ their inheritance, as a generational financial tug of war takes place, according to a retirement report. One in six adults will be relying on inheritance from their parents, and equally, one in six retirees are looking to their grown up children to support them financially, the research suggested.Ian Atkinson, head of brand at SunLife, said: “Independent research by Saga found that among those aged between 65 and 74, spending on travel increased by 93 per cent between 2002 and 2012 and this is clearly bothering some people, with one in ten complaining that their parents are having too much fun with their inheritance!"Long gone are the days when pensioners spent their retirement doing crosswords and gardening, nowadays, the over 60s are just as likely to be skiing as sewing."{desktop}{/desktop}{mobile}{/mobile}The SunLife report said as a percentage of income, older people were better off than younger generations, the researchers reported, with those age 55-70 having 46% of their income allocated to fixed costs, compared to 57% for 18-24 year olds, 53% for 25-44 year olds and 51% for 45-54 year olds.Mr Atkinson said: “Recent research has warned that middle-aged people can no longer rely on an inheritance as they will be almost retired before they receive any money. “According to analysis by The Telegraph earlier this year in 1999, the average Briton who inherited money was aged just under 53, now it is rapidly approaching 60.“By assuming we will get financial support from our families rather than making financial plans of our own, many of us are leaving our financial futures uncertain.“Our research shows that on average, UK households have £381 spare cash a month – which is the equivalent of £38 a week per person.”

'Fun loving retirees blowing our inheritance', say kids

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