Over 50s Spending More Of Kids’ Inheritance

If you are banking on receiving a huge sum in inheritance, you might be upset to find out that pensioners are beginning to leave less and less to their children when they die.

More than a fifth (21 per cent) of those over 50 admit there is less money available for their offspring than they had hoped to give, with 35 per cent saying this is the result of them retiring earlier and 38 per cent admitting they are using the money to enjoy themselves first.

James Antoniou, head of wills at Co-op Legal Services, said: “With people working longer, it’s understandable that they do want to enjoy themselves in later life.”

He added: “It’s interesting, however, that there is such a gap in terms of what adults in the UK are expecting to inherit from loved ones, verses what they are likely to receive.”

Indeed, 20 million Brits expect to gain £147,000 in inheritance, and 41 per cent of people have already planned what they are going to spend the money on.

The findings revealed 20 per cent want to make home improvements, the same number would use it to buy their first property, one in seven would help children or grandchildren buy a house, a tenth would purchase a second abode, and one in 12 would plough the cash into a new business.

Recipients might, however, need to look for alternative ways to save money instead of relying on their parents’ funds. They could use chrome plating services, for instance, to spruce up their old jewellery or update their cars, instead of splashing out on new ones.