The majority of people born in the 1950s and 1960s believe their parents should spend their money on themselves instead of leaving it in a will, research has shown.
The baby-boomer generation want their parents to put themselves first financially rather than keep hold of their cash to pass on to their children, according to a survey by the social research charity the Joseph Rowntree Foundation.
But the survey also found the majority of over 65s were reluctant to be lavish with their spending. Seven in 10 of those questioned saw leaving an inheritance, such as a mortgage-free property, as a top priority.
In a similar study, conducted by travel firm Saga, it was revealed that just one in 10 adults were counting on receiving an inheritance. This was despite seven in 10 of those surveyed saying that money or assets left to them in a will would improve their quality of life.
A total of 75% said they would prefer for their parents to spend any wealth they had accumulated, including capital from their property, on improving their own quality of life as opposed to leaving it in a will.
Copyright © Press Association 2009
Lisa Shenton from law firm Irwin Mitchell said: "we've noticed an increasing trend for parents and children to openly discuss their finances and we always advise parents considering equity release to discuss this with their families.
"Often, by the time in their lives that parents are considering equity release, their children are financially established and encourage their parents to ensure they have sufficient cash to enjoy their retirement through travel and other activities."