I'd rather pay thousands on a holiday: Meet the pensioners spending the kids' inheritance
Summary
Many retirees like Sarah and Geoff Moorhouse are choosing to spend their savings on travel and enjoyment instead of saving money to leave as inheritance for their children. This trend, known as "skiing" or spending the kids' inheritance, is growing in the UK and the US, as more people prioritize enjoying life during retirement.Key Facts
- Sarah and Geoff Moorhouse travel frequently and use their pensions for living experiences rather than saving money for their children.
- "Skiing" is a term for retirees spending the money they might have left as inheritance.
- About 15% of UK parents say they will enjoy their retirement money instead of leaving inheritance.
- In the US, fewer people expect to inherit money from their parents, dropping from 25% to 20% in a year.
- The decline of final-salary pensions, which guarantee monthly income, is a reason more retirees prefer to spend their money now.
- Some pensioners want to enjoy life after working hard for many years.
- Not all retirees are wealthy; about 16% of UK pensioners live in poverty, and 15.4% of US pensioners are in poverty.
- Most retirees have private pensions in addition to state pensions (69% in the UK, 56% in the US).
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