Do you intend to spend your kids' inheritance on your retirement?
Posted Aug 24 2008 6:37pm
Are we Brits a nation of SKI-ers? (SKI = Spending Kids' Inheritance) It certainly looks that way... According to a recent survey from Saga Equity Release Service , 9 out of 10 UK homeowners would prefer to use the equity in their homes to fund their retirement, than leave it to be inherited by their children.
And how will we be spending this money? Well, a quarter of people, who have equity built up in their property would prefer to spend the money on enhancing the quality of their retirement and around one third of people aged between 50 and 54 said they would consider releasing equity in order to travel around the world. However, the nation's collective offspring can breath a sigh of relief - we won't just be disappearing without any notice - 53 per cent of people in the 50 to 54 category said they would discuss withdrawing money from their property with their family and this figure rose to 71 per cent of those aged over 65.