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Retirees and children in inheritance tug of war

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21/08/2015
Parents and children are banking on financial support from each other, according to new research.

A report from SunLife found that one in six children are relying on inheritance from parents, while the same number of retirees are looking to their grown up children to support them financially in their old age.

As a percentage of income, older people are better off than younger generations, the research found. Those aged 55-70 have less than half (46%) 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.

Ian Atkinson, head of brand at SunLife comments: “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.

“In fact, 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’.

“This is clearly bothering some people, with one in ten complaining that their parents are having too much fun with their ‘inheritance’.

“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.”

 

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