Fun-loving pensioners are blowing inheritance for their younger relations
YOUNG people hoping for a fat inheritance could be out of luck – older generations are too busy spending their savings on themselves, says a survey.
Pensioners want to enjoy their money and do not see why they should make economies just to leave something when they die, they told researchers.
Only 29 per cent of the over-65s think they will want to, or be able to, leave money in their will.
Among the over-70s, more than half do not believe in leaving an inheritance.
For a third of pensioners, a major priority is having fun with their money, they admitted in the report by Sanlam Private Investments.
But potential inheritances are also depleted by bills, with 42 per cent saying their money will be swallowed up by care costs.
Another 28 per cent are already helping children with their finances.
Only 48 per cent of over-65s feel they are on track to fund their retirement, with one in five still going out to work.
That key inheritance item, the house, is also under threat as nine per cent of the older generation say their home is their pension.