Almost two thirds of over-50s say their money is “there to be spent” and their children appear to agree.
Many over-50s, dubbed the Spending Kids’ Inheritance (SKI) generation, are looking to enjoy their money now rather than pass it on and are spending it on new hobbies, learning fresh skills or travelling the world.
Nine out of 10 children have no complaints and don’t believe that parents are spending too much of their inheritance.
Ian Atkinson, marketing director at SunLife, which conducted the research, added older people are often criticised for spending on themselves.
“They are said to be enjoying the finer things in life while younger generations supposedly struggle but our research shows their children are not bitter.”
Grown-up children do not see their parents as selfish simply for spending and enjoying their own hard-earned cash, he added: “Most are happy to see their parents having fun with their cash, and often benefit themselves with a third lavishing money on children and grandchildren.”
However, a third of those in their 60s and 70s are trying to save to pass on an inheritance.
Many families are still helping each other out, with a fifth of children relying on their parents’ cash and a similar number of parents depending on children to help them financially when they are older.