A Quarter Of Parents Are Spending Their Kids Inheritance!

25% of parents are spending their children’s inheritance on themselves during their retirement
Here at Into The Blue, we’re dedicated to providing the best experiences, activities and adventure days out for all of our customers and decided to do some research into our older clientele to help us provide the best service in the future.

Our research found that 25% of over 55’s are spending or are planning to spend money earmarked for their children’s inheritance on their retirement. We also found that 10% of the older generation had booked or were planning to book some type of extreme activity or experience.
Our survey polled 1,000 people, male and females over the age of 55 and asked ‘Are you currently spending or do you plan to spend money for your children’s inheritance on enjoying your retirement?’ 50% said that they would not be spending money earmarked for their children’s inheritance, while 25% admitted that they were or would be spending inheritance money during their retirement. The other 25% said that they did not have any children to leave an inheritance for.

Those surveyed aged between 55 and 64 were more likely to spend their children’s inheritance (30%), compared to those aged 65+ (20%).
The research also showed that 25% of men would spend their children’s inheritance on their retirement, compared to 22% of women.
As part of our research we also asked 1,000 participants aged between 18 and 24, and over 55, ‘Would you like to take part in an extreme activity?’ 10% of over 55’s said that they would like to take part in an extreme activity, while 44% of 18-24 year olds said they would.
Our data shows that it’s not just the younger generation that are looking for adrenaline filled experiences and that the older generation are starting to enjoy the money they have saved for themselves instead of passing it onto their children.

Our manager Jim Maitland had this to say about the research:
“Working full time for 45+ plus years can be tiring and hard. The reward at the end of your working career is retirement and enjoying any money you may have saved during that time. Many people still keep their savings for their children to enjoy, however there are now more and more people spending this money on enjoying their retirement rather than passing it on to their families who a lot of the time will be hit by tax.”
He added, “We have also found that experience days are a great option for the young and old to try something new. There aren’t any age limits on many of our extreme activities, so if you are in good health there is no reason not to enjoy one of these days no matter what your age is. You never know, you could even find yourself a great new hobby to keep you occupied in your retirement.”